Ryan Lochte dropped by Speedo USA over Rio robbery controversy

Disgraced Olympian Ryan Lochte has lost a lucrative sponsorship contract with swimsuit brand Speedo in light of his embellished Rio robbery story.

The swimmer, TV personality and model hit headlines on 15 August (16) after alleging he and three teammates were robbed at gunpoint by thugs dressed as police officers during a night out.

An investigation determined the 'thugs' were actually security personnel at a fuel stop who challenged Lochte and his fellow swimmers for acts of alleged vandalism and demanded they pay up for the damage caused.

Lochte has since admitted he was heavily intoxicated during the altercation, and only has himself to blame for the "mess" he's in, because he "left details out" of his initial headline-grabbing interview with Today last week.

In a candid new chat with Today, which aired on Monday (22Aug16), the 32-year-old apologised to the people of Rio de Janeiro, Brazil for his "immature antics".

However, Lochte's apology wasn't enough for bosses at Speedo USA, who have pulled their sponsorship deal with the swimmer.

A statement released on Monday reads: "While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for.

"We appreciate his many achievements and hope he moves forward and learns from this experience."

Speedo officials will donate $50,000 from Lochte's modelling fees to the Save The Children charity, which will use the funds to help kids in need in Brazil.

Responding to the news, Lochte tells UsMagazine.com: "I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together."

Bosses at another top label, Ralph Lauren, have also removed Lochte's image from their Team USA promotional campaign online. The fashion firm was the official sponsor of the US athletes for the 2016 Rio Olympics.