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Phelps' Speedo contract extended through 2013
The swimwear company Speedo announced Wednesday that it is extending its longtime partnership with Olympian Michael Phelps through 2013. As part of his new contract, Speedo said it will donate $10,000 to the Michael Phelps Foundation for every world record Phelps breaks and that Phelps has agreed to match the donation. The terms of Phelps' deal were not released. The swimmer's previous contract with Speedo became famous for a clause that awarded him a $1 million bonus for matching Mark Spitz's record of seven gold medals in a single Olympic Games. Phelps did that in 2008 in Beijing, winning the 100-meter butterfly by .01 of a second and earning his eighth gold medal the following night. Phelps, who has been under contract with Speedo since 2001, has remained loyal to the company, choosing to continue wearing Speedo suits this summer at the FINA world championships in Rome even though some swimmers said wearing the Speedo LZR Racer put him at a disadvantage against faster suits. Phelps was outwardly emotional after winning the 100-meter butterfly in Rome, climbing onto the rope line inside the pool and then pointing to the logo on his suit and slapping the water several times in celebration. "Speedo's support both in and out of the pool has helped me grow into the swimmer I am today," Phelps said in a statement. "I am grateful for the brand's commitment to help realize our shared vision to grow the sport of swimming both in the U.S. and around the world."
September 10, 2009