SPEEDO has extended an endorsement deal with swimming superstar Michael Phelps through 2009. This summer, the 18-year old American set an astonishing seven world records in just 41 days. It is SPEEDO's richest swimwear sponsorship of all-time and includes a $1 million bonus if he earns a record seven Olympic Gold Medals at the 2004 Olympic Games, in Athens, Greece, August 13 – 29, or the 2008 Olympic Games, in Beijing, China. The new contract also extends SPEEDO(R)'s contribution to Michael's collegiate education.
Peter Carlisle, Director of Olympic Sports at Octagon, represents Phelps.
“Just like most swimmers, I haven't competed in anything but SPEEDO(R) even when I was a little kid and I certainly wanted that to continue because their suit and equipment innovation is simply the best,” said Phelps. “Truthfully, I have been humbled by SPEEDO(R)'s belief in me since our relationship began in 2001. I'm excited to be part of their team for many years.”
“For 75 years, SPEEDO(R) has always been closely tied with the world's best swimmers,” said Simon Rider, President, SPEEDO(R) International. “Our relationship with Michael continues that trend — but at an entirely new level. That's because he's taken the sport of swimming to another level with accomplishments in his young career that seemed unimaginable just a few months ago.”
“Michael will be the face of SPEEDO(R)'s marketing efforts heading into the Athens Olympics,” said Joe Gromek, President and CEO, The Warnaco Group, Inc. (Nasdaq: WRNC), SPEEDO(R) North America's parent company. “But just as importantly, Michael will continue to be a key part of our behind-the-scenes team with respect to product development.”
Phelps is the world record holder in the 200m butterfly, 200m individual medley, and the 400m individual medley. In July, at the FINA World Championships, he broke five individual world records — the first to ever accomplish this feat at a single international meet — and seven American records on his way to four gold medals and 2 silver medals. At 15, Phelps became the youngest male swimmer to qualify for the American Olympic team, since 1932, when he earned a trip to the 2000 Sydney Games. He was also the youngest male swimmer to break a world record and the youngest United States male swimmer to turn professional.
Although his Athens program is not finalized, Phelps will look to compete in multiple events in multiple strokes, distinguishing himself as the most well-rounded swimmer on the planet. The U.S. Olympic team will be determined at the 2004 Olympic Swimming Trials, in Long Beach, Ca., July 7 – 14.
Phelps is both a fresh and familiar face for Generation Y. His popularity has swelled attendance and media attention for swimming competitions. But, when not training with coach Bob Bowman, he's doing what other eighteen year olds do — hanging out with friends, playing video games, and listening to music. Additionally, he is donating time to non-profit organizations, most notably as national spokesperson for the Boys & Girls Club of America.
“Michael's historic efforts have earned him the spotlight heading into the Athens Games,” said Roger Williams, President and COO, The Warnaco Swim Group. “We want to use that excitement to expose a younger audience not only to the cutting-edge technology that helps SPEEDO(R) create the fastest suits, but also the fun and relaxed side of SPEEDO(R), which features boardshorts and bikinis.”
