Swimwear giant Speedo is extending its long time partnership with Olympian Michael Phelps through to 2013, and thus including the 2012 London Olympics. As part of Phelps’ new contract, Speedo will donate US$10,000 (€6,820) to the Michael Phelps Foundation for every world record Phelps breaks during the contract period. In turn, Phelps has agreed to match the donation.
The terms of Phelps’ deal were not released. The swimmer’s previous contract with Speedo became famous for a clause that awarded him a US$1 million bonus for matching Mark Spitz’s record of seven gold medals in a single Olympic Games. Phelps did that in 2008 in Beijing, winning the 100 metre butterfly by 0.01 of a second, which he then followed with an eighth gold medal the following day.
Phelps has been under contract with Speedo since 2001 and has remained loyal to the company, choosing to continue wearing Speedo suits this summer at the FINA world championships in Rome. After winning the 100 metre butterfly in Rome, Phelps climbed onto the rope line inside the pool and then pointed to the logo on his suit and slapped the water several times in celebration. "Speedo’s support both in and out of the pool has helped me grow into the swimmer I am today," he said.
