• Most Popular
  • Most Shared

Phelps uses Olympic bonus to start foundation

WASHINGTON
Tue Sep 2, 2008 10:59pm EDT
Olympic gold medal swimmer Michael Phelps give high five to an local group of youth swimmers following a parade in his honor at Walt Disney World's Magic Kingdom in Lake Buena Vista, Florida, August 29, 2008. REUTERS/Scott Audette

WASHINGTON (Reuters) - Michael Phelps will use the $1 million bonus he earned for winning eight Olympic gold medals in Beijing to start a foundation, the American swimmer said on Tuesday.

U.S.  |  Sports

The first initiative by the Michael Phelps Foundation will be an eight-city tour across the United States during which Phelps will discuss his Olympic experiences with children.

"Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible team mates, I was able to achieve that dream by winning eight gold medals in Beijing," Phelps said in a statement.

"Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much."

Swimwear manufacturer Speedo pledged to give Phelps $1 million for at least tying the record seven gold medals his compatriot Mark Spitz won at the 1972 Olympics in Munich.

Phelps claimed eight gold medals in Beijing, however, to set a new Olympic standard for a single Games. The Baltimore native has won 14 Olympic gold medals in his career.

(Reporting by Steve Ginsburg; Editing by Ed Osmond)
U.S.
Sports


More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

» More Top News
A pedestrian walks in lower Manhattan in New York, April 16, 2007. REUTERS/Eric Thayer
Analysis:

The boomer meltdown

The number of U.S. workers in their prime savings years peaks in 2010, affecting a key ratio that has impacted equities for 40 years. If history repeats itself, stocks are set for a funk.  Full Article 

Economy
Traders work on the main floor of the BM&F Bovespa stock exchange market in Sao Paulo October 10, 2008.REUTERS/Paulo Whitaker

Betting on emerging markets

There's still an upside in large-cap U.S. stocks, but BlackRock's Bob Doll says emerging markets have two things the developed world does not.  Full Article 

investment outlook summit