Michael Phelps to Donate $1 Million Bonus from Olympics to Charities

It has been less than a month since American swimmer Michael Phelps began his assault on the Olympic record book and after collecting eight gold medals at the 2008 Beijing Games the 23-year-old is ready to share the wealth.

In an interview on the TODAY show Phelps announced he would donate the $1 million bonus he earned from his sponsor, Speedo, to establish the Michael Phelps Foundation. Through his foundation Phelps will distribute the money to various charities that promote water safety and youth swimming.

Speedo had established a bonus into Phelps’ contract prior to the 2004 Athens Olympics that would award the swimmer $1 million if he were able to match Mark Spitz’s record of seven gold medals at a single Olympics. While Phelps didn’t do it in Athens he went eight-for-eight in Beijing to claim the prize.

Phelps explained why he opted to donate the million dollars, telling Mat Lauer, “This is a way for me to really help to grow the sport.”

In a statement released by Phelps after receiving the bonus the swimmer revealed his decision, “I feel it's only appropriate that I continue the momentum that Speedo helped to create by committing my bonus to the establishment of the Michael Phelps Foundation, which I hope will help me inspire others to achieve their dreams, and give back to the sport that has given me so much.”

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