Following his historic eight Olympic Gold Medal haul in Beijing, Phelps is committed to the Speedo brand through the 2012 London Olympic Games and beyond.
Phelps used the $1 million bonus he earned from Speedo for his record medal haul in Beijing to start the Michael Phelps Foundation, a charitable organisation committed to growing the sport of swimming. As part of Phelps' new Speedo deal, the brand will donate $10,000 to the Michael Phelps Foundation for every World Record Phelps sets.
Speedo enjoyed great brand awareness during the Beijing Games but Phelps was then defeated by by Paul Biedermann in his first loss in a major championship in nearly four years.
The suit worn by Biedermann, an Arena X-Glid polyurethane suit will be banned in early 2010.
Phelp's swimming coach Bob Bowman had threatened to pull the star athlete from major competitions over the swimsuit controversy.
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