When signing a deal, many athletes receive fat paychecks and lengthy contracts. In exchange, the company receives insane marketability from the athlete’s performances. Notably, some companies include bonuses in their contracts. Years ago, Speedo signed a contract with the legendary swimmer, Michael Phelps, including a bonus where he would get paid $1 million if he equaled Mark Spitz’s record.

The swimmer went on to win eight gold medals at Beijing Olympics 2008, earning a handsome cheque from Speedo.

Michael Phelps gets a bonus

The American swimmer reportedly earned $1 million for beating the 36-year-old record set by Mark Spitz, back in the 1972 Munich Olympics. The legendary swimmer, Spitz, won seven gold medals and set the same number of world records in 1972.

Notably, Phelps achieved that feat during the 2008 Beijing Olympics. He won eight gold medals while setting seven world records. Thus, he received the amount from the clause instilled in the contract.

The confidence to insert that clause speaks volumes about his incredible character and commitment to the sport. After the 2008 Beijing Olympics, his life changed, with many sponsors and companies signing him up. Moreover, his net worth stands at $80 million as of right now. After receiving the bonus, some athletes would look to spend it around, but Phelps had a better idea.

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Gentle-hearted Michael

The money received from the bonus paved the way for Phelps’ foundation. The Michael Phelps Foundation gave out his prize money to various charitable programs. They assisted water safety and helped young children get introduced to the sport. It provided them with the same experience that Phelps had when he was a kid, helping them to grow outside the pool, while also focusing on goal-setting, discipline, and other important factors.

Joe Gromek, president and CEO of Warnaco, Speedo’s parent company, presented the $1 million check to Phelps. He spoke about the excitement it lead to contributing to his foundation.

“I feel it’s only appropriate that I continue the momentum that Speedo helped to create by committing my bonus to the establishment of the Michael Phelps Foundation, which I hope will help me inspire others to achieve their dreams, and give back to the sport that has given me so much,” said Phelps.

Undoubtedly, he is a living legend. Inspiring people with his performances and with his foundation, Michael Phelps is a role model for younger, aspiring athletes.

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