Phelps to start foundation

2008-09-03 07:34

Washington - Michael Phelps will use the $1m bonus he earned for winning eight Olympic gold medals in Beijing to start a foundation, the American swimmer said on Tuesday.

The first initiative by the Michael Phelps Foundation will be an eight-city tour across the United States during which Phelps will discuss his Olympic experiences with children.

"Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible teammates, I was able to achieve that dream by winning eight gold medals in Beijing," Phelps said in a statement.

"Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much."

Swimwear manufacturer Speedo pledged to give Phelps $1m for at least tying the record seven gold medals his compatriot Mark Spitz won at the 1972 Olympics in Munich.

Phelps claimed eight gold medals in Beijing, however, to set a new Olympic standard for a single Games. The Baltimore native has won 14 Olympic gold medals in his career.

- Reuters