Ryan Lochte is the new Olympic champion in the men's 400m individual medley, defeating his great rival Michael Phelps in the event.

Lochte recorded a time of 4:05.18 to take the gold, while his compatriot went away empty-handed after coming in fourth.

Thiago Pereira of Brazil claimed the silver with a time of 4:08.86, while Japan's Kosuke Hagino earned bronze with 4:08.94.

Lochte said: "Four years is a long time working for this but I've put the work in. And I know it's my time and I'm ready. I'm just going out there and having fun."

Although Lochte defeated Phelps by a significant margin, he was unable to equal his rival's world record in the event.