3 Endorsement Meltdowns In 2016
With the news of Ryan Lochte losing all four of his endorsement deals on Monday, we take a look at other key athletes that lost their endorsements in 2016.
Nike Inc (NYSE: NKE) dropped 8-time world boxing champion Manny Pacquiao earlier in the year after some anti-gay remarks. While campaigning for the Philippine Senate, the boxer likened gay people to animals. Nike found his comments to be "abhorent" and immediately dropped the boxer.
Maria Sharapova lost her deal with Swiss watchmaker Tag Heuer and had her deal with Porsche Automobil Holding SE (OTC: POAHY) suspended after the tennis star received a two-year suspension for testing positive for a banned substance. Nike and tennis rack manufacturer Head kept their deals with Sharapova, saying she had made an "honest mistake."
Lochte may have set a record after losing all of his endorsements in just a few hours. Lochte has hired Justin Bieber's former crisis manager to help repair his image.
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