The saga continues: Speedo have officially DROPPED Ryan Lochte

Things are going from bad to worse for US swimmer, Ryan Lochte, after it was revealed he had fabricated a story about being robbed at gunpoint during his time in Rio.

The 32-year-old Olympian, who this year won a gold medal in the 4 x 200 metre freestyle, claimed he had been set upon at a petrol station, but CCTV told a different story and Ryan was forced to come clean.

With his reputation in tatters, the athlete, who has earned 12 Olympic medals over the course of his career, has now learned that Speedo have made the decision to end their sponsorship, and took to Twitter this afternoon to confirm the news.

"Speedo USA today announces the decision to end its sponsorship of Ryan Lochte," the post began.

"As part of this decision, Speedo USA will donate a $50,000 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 hve 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 this brand has long stood for."

The official response regarding our sponsorship of Ryan Lochte. pic.twitter.com/0DdP2RyceD

— Speedo USA (@SpeedoUSA) August 22, 2016

Ending their post on a positive note, the company finished: "We appreciate his many achievements and hope he moves forward and learns from this experience."

The announcement have been met with mixed response from the public who wasted no time sharing their thoughts on Speedo's decision.

"Not okay for Olympic swimmer to lie. It is ok for presidential candidate to lie. Got it," wrote one while another remarked: "About time for this 32 year old to 'grow up' and learn an expensive lesson."

It is understood that Ralph Lauren, who also works with Ryan, is currently considering its position.