Lochte, in a portion of an interview with NBC's Matt Lauer that aired Saturday, continued backtracking from a story that he initially described as an armed robbery.
Police have said the swimmers vandalized a bathroom after a night of partying and armed guards confronted them and asked them to pay for the damage.
"It's how you want to make it look like," Lochte said. "Whether you call it a robbery or whether you call it extortion or us just paying for the damages, we don't know. All we know is that there was a gun pointed in our direction and we were demanded to give money."
At that point, Lauer said, "You're striking a deal. Is that fair?"
"We just wanted to get out of there," Lochte said, adding the swimmers were frightened.
Lauer told Lochte that his story had morphed from one about "the mean streets or Rio" to a negotiated settlement to cover up dumb behavior.
"That's why I'm taking full responsibility for it, because I over-exaggerated the story," Lochte said. "If I had never done that, we wouldn't be in this mess."
"I definitely had too much to drink that night and I was very intoxicated," he said.
Lochte, who dyed his hair white for the Games and had it turn a light shade of green from the pool, had changed his hair back to its regular shade of brown for the interview, which was conducted in New York.
He said he hoped to continue competitive swimming but acknowledged that it won't be his decision about whether he'd be able to be part of the American team again.
USA Swimming and the International Olympic Committee could issue sanctions.
Lochte said he regretted how the incident had tarnished Rio and the last week of the Olympics. He also gave an interview to Brazil's main broadcaster Globo on Saturday to apologize for his actions.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
