It’s Good To Be Michael Phelps
August 18, 2008 by Mike
Typically for Olympic swimmers, once the Olympics are over so are their careers as swimmers. Not so for Michael Phelps, who if you haven’t heard just won eight gold medals and cured VD. Because Phelps is going to parlay his swimming career, into being a very rich man according to the Wall Street Journal:
Howard Bloom, who teaches sports management at Algonquin College in Ottawa and has worked with several Olympic athletes, says the key decision for Mr. Phelps will be whether to renew his contract with Speedo, the swimsuit maker that sponsors Mr. Phelps and offered him $1 million if he won seven gold medals.
“Michael Phelps would be worth $40 or $50 million to Nike,” Mr. Bloom said. “He could literally allow them to launch a massive swimwear company, and I think you are going to see an incredible bidding war for him.”
Even if all goes according to plan over the coming weeks and months, few expect Mr. Phelps to reach anywhere near the earnings of Mr. Woods. That’s because the golfer, who is estimated to make around $100 million annually from both his winnings and endorsements, is competing year in, year out on television.
By comparison, Mr. Phelps made an estimated $3 million to $5 million a year through his endorsements before these Games, a huge sum for an athlete in a sport rarely televised outside the Olympics
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