Michael Phelps Revealed Finer Details of Fabled $1 Million Deal With Speedo Before 2004 Athens Olympics

The world knows Michael Phelps for setting a record for earning eight gold medals at the Beijing Olympics. However, in 2008, when he won the medals, he revealed a deal with Speedo. Speedo asked Phelps to bring at least seven gold medals in this deal. And as the result of the deal, if Phelps won, Speedo would give him a whopping $1 Million.

After Micheal receives the promised money, he decides to give it all to charity. Then Phelps launched his Michael Phelps Foundation with an education plan. The education plan is called ‘Dream, Plan, Reach.’ This Organization would help children to live a healthy and good life by expanding their opportunities in the sport of swimming.

Micheal Phelps gave a statement about his deal with Speedo in 2008 in an interview with The Guardian. He said, “The whole seven-gold deal was between Speedo and my agent. They agreed it. If I bring back only one gold people are going to say it’s a disappointment. But not too many of them own an Olympic gold medal so if I get one I’m going to be happy. That’s the important one – the first gold. I’m just focusing on that for now. After that, the best thing is to keep my options open. I don’t want to put a limit on anything.”

How Michael Phelps Foundation works

Phelps Foundation decided to do eight-city tours all over the United States. Speedo also collaborated with Phelps for this good cause.

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Not just with education, the Phelps program will also help with swimming. ‘Dream, Plan, Reach’ program will also help kids to learn to swim. Phelps Foundation works as a Non-Profit Foundation. Phelps established it in August 2008.

Phelps Birth and Olympic Career

Michael Phelps is a swimmer who understands the difficulty of achieving dreams. Phelps was born in Baltimore, Maryland, USA. Phelps lovers also call him ”The Baltimore Bullet”; undoubtedly, he is the GOAT of swimming.

He has won 28 medals all over in the Olympics. He created a legacy when winning eight gold medals in the 2008 Beijing Olympics. Out of 28 medals, 23 medals are just gold.

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He has grown up with his mother and sisters in Baltimore. His parents divorced in 1994, and he has struggled a lot in his relationship with his father. When he started swimming at a very little age, his coach convinced him to float on his back to overcome the fear. Phelps married Nicole Johnson on 2016 June 13. He has three kids with Nichole Johnson.