Australian men’s hockey star Tom Craig has apologised for a “terrible mistake” after he was arrested for buying cocaine on Tuesday night (Paris time).

Looking remorseful, Craig fronted the media in central Paris late Wednesday after spending the night in custody.

He was released by police with a warning and without a fine or criminal record.

“I would firstly like to apologise for what has occurred over the last 24 hours,” said the 28-year-old, a 10-year team veteran who was part of the Kookaburras’ Olympic silver medal campaign in Tokyo.

“I made a terrible mistake and I take full responsibility for my actions.

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

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

Channel Seven footage of Tom Craig’s arrest in Paris. Photo: 7NEWS

Australian team chef de mission Anna Meares said Craig would be stripped of his Olympic privileges.

“I cannot condone what Tom has done. He is a good person, who made a bad decision, but there are consequences that come with decisions like this,” she told media on Thursday morning (AEST).

“He has apologised, shown remorse, and he has owned up to his mistake, and we will support him if it he needs.”

Hockey Australia’s high-performance director Bernard Savage said Craig had made a “foolish decision” on a players’ night out to celebrate the Games.

Savage said that after a function for family and friends, a small group headed out to visit some bars in Paris.

“Some time after that, the players observed a commotion, which was Tom Craig being arrested,” Savage told media.

“It is our understanding that Tom was acting alone and the only events that brought the players or him to the players’ attention was him indeed being arrested.

“After that arrest, a small group of players did follow Tom to the police station, concerned for his for his wellbeing.”

Craig spent nearly 18 hours in custody.

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.

Tom Craig battles the Netherlands’ Thierry Brinkman for the ball in the quarter-final match. Photo: Getty

The Paris Public Prosecutor’s office confirmed the arrest. It said 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.”

-AAP