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Looking at Michael Phelps’s Future Financial Prospects
18-Aug-2008
Written by: E. Van Dril
This story is based off of a Wall Street Journal piece.
After winning eight golds in eight events at the 2008 Summer Olympics in Beijing, Michael Phelps is currently on top of the sports world. And he's soon to be on top of the endorsement world as well.
The 23-year-old swimmer is currently, according to his agent in an interview with the Wall Street Journal, receiving over 50 endorsement and sponsorship offers per day. They range from free pizzas for a year to a sculpture in China.
While Phelps likely will not accept many of the things that are currently being offered to him, many believe that he could soon spark a bidding war between Nike and Speedo that could cost one of those companies over $50 million.
“Michael Phelps would be worth $40 or $50 million to Nike,” Howard Bloom, a teacher of sports management at the University of Algonquin College in Ottawa said. “He could literally allow them to launch a massive swimwear company, and I think you are going to see an incredible bidding war for him.”
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