Michael Phelps' Race To Turn Gold Into Cash (VIDEO)

Michael Phelps, Michael Phelps, Michael Phelps. With all the play his name gets right now, it should be a breeze to parlay eight gold medals into huge cash, right? So say a few stories around the newsosphere, but with a catch: Phelps needs to be fast to ">score endorsement deals with his Olympic fame.

A new race is now on for Mr. Phelps: the rush to transform the swimmer's Olympic feat into a marketing juggernaut, akin to Michael Jordan or Tiger Woods. But the window for marketing Olympians -- even those with the rising stature of Mr. Phelps -- can close fast. Many of the new legions of so-called Phelps Phans likely will not see his muscled torso in a pool again until 2012, an eternity for advertisers.

As Mr. Carlisle, the agent, shuttled between meetings Saturday on the eve of Mr. Phelps's historic eighth Olympic gold medal Sunday, proposals for business opportunities far and wide streamed into his BlackBerry. Some were appealing, others less so.

So how much can a box of Wheaties and an awareness-raising lap in a hotel pool mean to somebody like Phelps?

"If he's handled properly over the next four years, he should generate in excess of $40 million," said Marc Ganis, president of Sportscorp Ltd., a Chicago-based sports business consulting firm.

The 23-year-old swimming champ from Baltimore had already made a splash before the Beijing Olympics, with $5 million in endorsements from advertising sponsors.

As the New York Daily News points out, it shouldn't be hard to find endorsements that fit -- the dude eats 12,000 calories a day. Pretty much any food product could fit in there somewhere.

The Wall Street Journal also nabbed a video interview with Phelps:

Read more at the Huffington Post Olympics big news page:

::Olympic Cash: 6 Companies Interested In Naming Rights For Olympic Venues
::Phelps' 8th Gold Breaks Spitz Record

Comments

[donkeybasketball]

Why is no one pressuring Golden Boy to pressure his sponsor Omega into releasing their backup photos? Anyone got a number on how much Omega is paying for number 7? Any idea on the revenue they anticipate from sponsoring Phelps?

http://www.iht.com/articles/2008/08/21/sports/21longman.php?page=2

[elcojonu]

8 Gold medals for swimming in a big bath tub; you gotta love how some of these ' Sports ' are hyped.
' Beach ' Volleyball, ' Table ' Tennis,' Soft ' Ball, etc.
Why not a swimming marathon of say 12-15 miles to see how strong and smart you are.
I've never been impressed with swimming pool swimming; it's something you do when you go on vacation or something.
I Must be getting old and cantanquerous.

[chinationreport]

Not only Michael Phelps will start cashing in, his mother has been featured on NBC, Fox, and she will be endorsing JNJ baby powder in a commercial that will be played at the closing ceremony.

In the meantime, she already made a big endorsement in Beijing while shopping. It is a cute story:
Read: Phelps first endorsement in China
http://www.chinationreport.com/phelpsfirstendorsement.html

[dgscol]

He is a star athlete, without a professional career in sports available in swimming. Maybe he can swim in the Monterrey aquarium. Consequently to tide him over, he should at least get 100 million. He could join the navy seals, possibly. Arrff.

Just kidding. He is part of the financial bubble that is insisting on exponential growth, while this destabilizes the remainder of the economy. That's a lot of money for a kid, and winning is reward in itself. How do we explain these payouts to people who are working at Walmart.

[gcallaghan]

a word of advice, Michael, when the hucksters start banging on your door tell them you want to be paid IN gold or at least euros - the dollar's going into a freefall.

[Islian]

He is a delight and I have enjoyed every minute of my time watching him win those medals. I hope he enjoys every dollar he will get from the resulting endorsements. He has earned every bit of it with hard work (real hard work not the GWB kind.)

[enoughalready13]

Absolutely, well said!

[mimsnpips]

If Michael can cash in on his fame god bless him. A lot of people made big money thru much more questionable methods.

[kuastar]

Get some awareness of this kid's ignorance, and, because of his fame, the damage it can do. http://www.naturalnews.com/023914.html

[BradPittsburgh]

14 gold medals and another Olympics to go. He will not be remembered for all the money he makes but for all the medals he has won and will win in 2012. By the time he is done collecting gold, I doubt anyone will ever surpass his total. Amazing.

[wearyvoter]

Considering the money NBC raked in with having the Phelps events run in primetime, he should get his piece of the action.

[Forester]

we all hope he can spawn soon before he starts to turn red and rot.

[Hillrick]

Nice work if you can get it....

[nyc4obama123]

ok i love the guy and i think he's a good athlete but am i the only one thats tired of hearing about this like every MSM program spends like 15 minutes talking about him what happened to real news.

[LiberalBuzz]

Well good for him, but this is just further proof that our athletes no longer compete for the honor of representing America, but rather the GOLD, that shiny sparkly stuff that will make them millionaires.

Like I said, good for him, but somehow it just seems more like a race for the endorsements and bending your knee to the Altar Of The Almighty Dollar.

[GracieK]

They compete for both honor and profit. Is there something wrong with that?

[instagladiator]

BS!! Profiteers is exactly what ruined this sporting event. Honor and profit? Ok, if there IS any honor involved, he would openly refuse any monies altogether and accept the gold along with the title for the history books. But no, it's Money-Money-Money!!

[politicky]

Puhleeeze, a swimmer with ANY endorsemets is rare.

[yabu]

They don't and cannot possibly represent America. That would be 300 million people.
Only one of them can swin like M. Phelps: M. Phelps. He represents himself and only himself. Don't try to take credit for his deeds just because you happen to be the citizen of the same country.

[prairieblue]

athletes are modern slaves. they are flesh to be peddled, controlled and ultimately, when no longer useful, led out to pasture and destroyed. it is a shame that the olympics is now a drama-laden reality televsion spectacle. not to mention a total propoganda campaign on china's behalf.

[CL696]

All of our lives fit that description...useful until no longer useful


...I do agree with the China comment

[Bitsko]

Wow -- he swims really fast in a pool of water -- what an American hero! I know a few teachers who could use some of that recognition (and pay).

Sorry, fin boy, not impressed.

[DesertLight]

Maybe some of his teachers were impressed since he was an ADHD student who was made fun of.

Go away and do what you have been doing, nothing!

[Bitsko]

Tell me about it. I've been visiting in Baltimore for the past few weeks and am sick and tired of the guy.

[CL696]

Any idiot (Bitsko) can burn down a barn.
Nice job Mr. Phelps you are an inspiration.

[theratt]

The mental focus and ability, not to mention the physical training, required to swim 400 meters in 4 minutes is significantly more than you had to muster to type a craptastic post. folks downplay the mental ability required of athletes because it's seemingly different from "intellectual" pursuits. I think they are both worthy.

[GeoLee]

In the long run, however, his mother's vocation probably has made a larger dent in our society and I would bet Michael would agree with that, too. To see her thrilled for her son and his obvious love and respect not only for her but for his sisters was quite touching and maybe the message of family, supporting each other and one for all and all for one message might inspire others to recognize what is really important. This young man benefited from a parent trying to find something for his excess energy and inability to focus, as an ADHD diagnosed child, and maybe other parents of children with that cluster of symptoms may find similar positive outlets for their children. I think he had a gold medal winner mom and I am glad he can share this achievement in many ways with her and his sisters. I am sure they all sacrificed for Michael over the years. Go for the gold! And for gosh sakes, don't disappoint us by taking illegal drugs and all that kind of behavior and take away from a much needed feel good story your whle family has shared htis past week with the world.