Freshly home from Beijing with eight shiny new gold medals, Michael Phelps is using his fame — and endorsement dollars — to support the sport that made him a household name. On Tuesday, Joe Gromek, chief executive officer of The Warnaco Group Inc., which owns Speedo, presented Phelps with a $1 million bonus check for his victories. Phelps promptly said he would use the money to form the Michael Phelps Foundation, dedicated to growing the sport of swimming globally and encouraging active lifestyles. Here, the two discuss with WWD the impact of Phelps’ achievements.
WWD: How did you decide to use your $1 million bonus from Speedo to create the Michael Phelps Foundation? Michael Phelps: I have this opportunity to continue to try to achieve my goal of raising the sport to a new level — get new faces involved, get kids involved. I want to take them through what I did, starting with a dream, then a plan, then reaching a dream. Hopefully this will change a lot of people’s lives. Joe Gromek: Michael is going on a multicity tour of eight cities to visit Boys & Girls Clubs. Today we awarded Michael his $1 million for his seven gold medals, and, based on the fact he reached an eighth, we donated $200,000 to his foundation.
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