After Ryan Lochte apologized last week for his embarrassing Rio scandal, it looked as though the swimmer would get off with just a slap on the wrist.

But according to reports, the Olympian just lost one of his biggest sponsors: Speedo pulled the plug on its relationship with the gold medalist.

The swimwear company released a statement on Monday:

“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.”

Lochte and his Team USA swimmates lied about being robbed at gunpoint in Brazil. Read more here.

Speedo will donate a $50,000 portion of Lochte’s fees to Save The Children, which will use the money to benefit children in need in Brazil.

SOURCE: TMZ | PHOTO CREDIT: Getty, Twitter

[ione_media_gallery id=”1870302″ overlay=”true”]