Australian hockey star Tom Craig has apologised and expressed embarrassment after he was arrested for allegedly attempting to buy cocaine on the streets of Paris following the Kookaburras’ Olympic Games exit.

The 28-year-old was released from police custody on Thursday morning (AWST) and escaped without a fine or a criminal record.

“I’d firstly like to apologise for what has occurred over the past 24 hours. I made a terrible mistake and I take full responsibility for my actions,” Craig said.

“My actions are my own and in no way reflect the values of my family, my teammates, my friends, my sport and the Australian Olympic team.

“I’ve embarrassed you all and I’m truly sorry.”

An Australian Olympic Committee official ushered Craig away after his statement without taking questions.

The AOC earlier released a statement confirming an athlete’s arrest and said it would arrange support.

Chef de mission Anna Meares confirmed Craig will be stripped of his “Olympic privileges” for the remainder of the Games, including accommodation and meals.

“He is a good person who made a bad decision, but there are consequences that come with decisions like this,” she said.

Both Australia’s hockey teams were eliminated from competition at the quarter-final stage before attending a function at their hotel on Tuesday.

The Kookaburras lost 2-0 to Netherlands on Sunday while the women’s team, the Hockeyroos, fell to China 3-2 on Monday. Craig’s partner is Hockeyroos striker Alice Arnott.

The Paris Public Prosecutor’s office confirmed the arrest, saying the Australian hockey player was arrested after officers witnessed an attempt to purchase cocaine in the 9th arrondissement.

“Police officers who witnessed a cocaine transaction at the foot of a building in the 9th arrondissement, on the night of August 6 to 7, arrested the seller, born in December 2006, and the buyer, born in September 1995 in Australia and who is said to be a member of the Australian field hockey team,” a spokesperson said.

“With regard to the quantities of narcotics seized from the seller, the investigations have been entrusted to the Narcotics Squad. Both people are in police custody.”

- with AAP