Speedo extends Phelps contract
Swimwear brand Speedo has extended its contract with Olympic gold medallist Michael Phelps until 2013. The athlete has had an endorsement deal with Speedo since 2001 and expects to retire after the 2012 London Olympics.
According to reports, Speedo will donate $10,000 to Michael Phelps Foundation for every world record he sets and Phelps has agreed to match each donation. The foundation’s aim is to open a new centre to educate children on how to live healthy active lives. The $1 million bonus given to him by the company for winning eight gold medals at the Beijing Olympics was used to set up the foundation.
He will also remain on the athlete advisory group to the Speedo Aqualab, which develops new technologies in swimwear and accessories.
Speedo is currently adapting its swimsuits in order to conform to the new FINA rules.
