Phelps will use $1 million Speedo bonus to start charity

Michael Phelps earned a $1-million bonus from Speedo for tying Mark Spitz’s record of seven gold medals. He will use the bonus to promote water safety and encourage youth swimming.

Phelps announced on NBC Today that he has started the Michael Phelps Foundation. It will distribute the prize money to various charitable activities that will help encourage youth swimming and promote water safety. Phelps told TODAY co-host Matt Lauer on Tuesday:

This is a way for me to really help to grow the sport.

Phelps was presented earlier with a $1 million check by Joe Gromek, president and CEO of Warnaco, Speedo’s parent company. Speedo has been sponsoring Phelps for a number of years since he was 16. They signed a contract with Phelps and offered him a million-dollar bonus if he won seven gold medals in a single Olympic Games. Phelps not only equaled that but won eight gold medals at the Beijing Olympics. So far he has won 14 Olympic gold medals. Phelps will host the premiere of Saturday Night Live on September 13. Phelps told NBC that his foundation will launch an eight-city tour across the U.S. to promote an educational program called “Dream, Plan, Reach” in collaboration with Speedo. The program, based on a set of principles Phelps, learned as a kid, will provide children with an easy-to-understand game plan for life beyond the pool, empowering them to live healthy and active lives while focusing on goal-setting, personal responsibility and discipline in day-to-day living. He said the 15 years experience in swimming has taught him a lot and he wants to pass it to others and spread the sport and inspire others to achieve their dreams.