Olympian Michael Phelps Plans to Start a Foundation
The Olympic swimmer Michael Phelps will use a $1-million bonus from the Speedo company to start a foundation to promote youth swimming, reports the Associated Press.
Speedo, which has sponsored Mr. Phelps since he was 16, promised him the $1-million if he tied or broke Mark Spitz’s record for most gold medals at a single Olympics.
Mr. Phelps plans to open the foundation bearing his name with an eight-city tour.
Speedo has promised to donate an additional $200,000 to the foundation, reports the news service.
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