Four firms have announced they are ending their sponsorship of US swimmer Ryan Lochte after he claimed he was robbed at gunpoint while competing in Rio.

The contracts are worth an estimated total of $1m (£758,000), Fox News Sports reports.

Global swimwear brand Speedo USA, clothing giant Ralph Lauren and skincare firm Syneron-Candela dumped the sportsman from their books in statements issued less than three hours apart on Tuesday.

Speedo also said it would be donating $50,000 (£38,400) that would have gone to the Olympic medallist to Save The Children - to benefit youngsters in need in Brazil.

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It said in a statement that while it had "a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team", it could not condone behaviour that was counter to its values.


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

Mattress company Airweave LLC also ended its endorsement of Lochte, who has admitted he "over-exaggerated" his story where he claimed to have been mugged by robbers pretending to be police after a night out.

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The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD — Speedo USA (@SpeedoUSA) August 22, 2016

The 32-year-old had initially said he and three teammates had been pulled over in their taxi by gunmen posing as police who then robbed them.

However, the group faced an angry backlash after police accused Lochte of fabricating the story to cover up vandalising a petrol station toilet.

Lochte has since apologised to Olympics host Brazil, saying he was "110%" sorry and blaming his immaturity for causing "all this ruckus".

Lochte 'Over-Exaggerated' Gunpoint Robbery

"I wasn't lying to a certain extent," he said, in an interview with Brazilian broadcaster, Globo TV.

"I over-exaggerated what was happening to me."

Last week, the International Olympic Committee said it would start a disciplinary inquiry into Lochte and other US swimmers James Feigen, Gunnar Bentz and Jack Conger.

The story is said to have embarrassed the IOC and the US Olympics Committee (USOC), which has described the behaviour of the sportsmen as "not acceptable".