LOS ANGELES (AP) — Speedo is extending its contract with swimming superstar Michael Phelps through 2013.
The company announced the extension Wednesday, saying it will donate $10,000 to Phelps’ foundation for every world record he sets. Phelps has agreed to match each donation.
advertisement
Phelps has had an endorsement deal with Speedo since 2001. It was set to run through the 2012 London Olympics, after which Phelps has said he expects to retire.
The company gave him a $1 million bonus for winning a record eight gold medals at the Beijing Olympics. He used the money to start his own foundation, which is committed to growing the sport of swimming.
Phelps will remain on the athlete advisory group to the Speedo Aqualab, which develops new technologies in swimwear and accessories. In the coming months, Speedo plans to introduce swimsuits that conform to the new rules of the sport’s world governing body.
© 2009 The Associated Press. All rights reserved.
