Michael Phelps was once America’s sweetheart after breaking the Olympic record for most gold medals won in a single Olympics. My how times have changed after he was photographed smoking weed out of a bong at a University of South Caronlina party. Suddenly, the squeaky clean image had been crafting for the past 4 or 5 years was gone and so is one of his major sponsorship deals.
The Kellogg Company has decided to part ways with Phelps after the damaging photograph was plastered all over the news and Internet. Now, his other sponsorship deals with companies such as Visa, Subway, Omega, Speedo, and Hilton Hotels are all in question too. And while he certainly won’t lose all of those deals, he is definitely in danger of losing one or more.
All this has led people to speculate what Phelps will do for extra money if he does lose any more sponsors. Some believe that he might turn to his friend Doyle Brunson and become the next star for Doyle’s Room since he has such good ties with the poker legend. Phelps has already met many of the pros through his poker excursions in the fall and he is a pretty solid player on top of all this.
Obviously, Phelps will still be training for swimming too, but he could definitely fit in some tournaments and promotional events for Doyle’s Room on the side. And he has said that 2012 will probably be his last Olympics so he’s going to need to build for something after swimming. Most of his sponsors probably won’t carry him after his Olympic days are done with either so being a major figure for Doyle’s Room would be a great way for him to make money after swimming is done with.
He still has plenty of money to not have to worry about the future….but if he wants to keep himself busy he will definitely be able to find a comfortable spot in the poker world (much more liberal than corporate america) ones his reign of terror in the pool is done.
I heard he was making around $5 million a year with his sponsorship deals (probably went down some now) and he got good news today that Subway has decided to stick with him.