Ryan Lochte
Ryan Lochte's reputation lies in tatters after 'robbery' saga Matt Hazlett/Getty

Swimwear manufacturing giant Speedo USA is one of four sponsors to cut ties with US swimmer Ryan Lochte. The decision comes after the six-time Olympic gold medallist apologised for "over-exaggerating" claims he and teammates Gunnar Bentz, Jack Conger and Jimmy Feigen were the victims of an armed robbery following a party in Rio de Janeiro on 14 August.

Initial suggestions over a robbery were countered by the Brazilian authorities, who found no evidence after viewing surveillance footage and claimed that the swimmers were in fact being asked by security guards to pay for damages inflicted upon a petrol station bathroom.

"Speedo USA today announces the decision to end its sponsorship of Ryan Lochte," the company confirmed in an official statement released on Monday afternoon. "As part of this decision, Speedo USA will donate a $50,000 (£38,000) portion of Lochte's fee to Save The Children, a global charity partner of Speedo USA's parent company, for children in Brazil.

"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 behaviour that is counter to the values that this brand has long stood for. We appreciate his many achievements and hope he moves forward and learns from this experience."

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Lochte has also been dropped by skin care firm, Syneron-Candela and Japanese mattress maker, Airweave.

In a recent emotional interview with NBC's The Today Show host Matt Lauer, Lochte, who has also issued a lengthy apology on social media, took full responsibility for the incident and admitted that he had over-exaggerated the story while condemning his own immature and intoxicated behaviour. He said he was "truly, 110% sorry" to "the gas station owner, to Brazilian police, to the people of Rio and Brazil, everyone that came together to put on these wonderful games".

The International Olympic Committee (IOC) has formed a disciplinary committee to investigate the bizarre saga, while United States Olympic Committee (USOC) CEO Scott Blackmun recently hinted that additional disciplinary measures may be forthcoming.

"They let down our athletes," he said. "They let down Americans. And they really let down our hosts in Rio who did such a wonderful job, and we feel very badly about that. I think we ended up in the right place in terms of being able to shine a light on what really happened there.''

UPDATE - Ralph Lauren, has also revealed that it will not be seeking to renew its deal with Lochte.

"Ralph Lauren continues to proudly sponsor the US Olympic and Paralympic team and the values that its athletes embody," the brand said, according to CNBC Now. "Ralph Lauren's endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract."