Speedo is donating $50,000 of Ryan Lochte’s endorsement fee to Save The Children.
The whole world saw Ryan Lochte’s strange story unfold over social media and NBC throughout the Olympics. The second most decorated Olympic swimmer of all-time was caught covering up a night of partying, and made it worse by embellishing the facts on national television. As a result, his sponsors were both angry, ashamed, and in panic mode. It’s always a risk to be associated with an athlete, because many times they make a mistake. This is natural – athletes are human beings too and are entitled to their mistakes. However, not many mistakes are self-induced on such a global stage.
After consideration, Speedo decided to terminate its relationship with Ryan Lochte, yet they spun the story in their favor. Speedo has decided to donate $50,000 of his endorsement fee to Save The Children, earmarked for Brazilian children. It is a simple way for Speedo to say that they do not support these antics and make a positive impact in Brazil at the same time. In the end, the money was already designated for one purpose, so a shift to another cause has no financial impact on them. However, it makes a big difference for Save The Children and the Brazilian community.
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