The most decorated Olympian in history, Michael Phelps, used his $1 million bonus from Speedo to start a charity that will promote water safety and youth swimming.
The bonus from Speedo was contingent on the swimmer winning seven gold medals in one Olympic Games. The company will partner with Phelps to launch a program called "Dream, Plan, Reach" which will be promoted in eight cities across the United States. The program will educate and help children to live healthy, active and responsible lifestyles.
Phelps who won eight gold medals in Beijing - giving him a total of 14 golds - and holds 26 world records explained to Matt Lauer of the TODAY show, “because this sport has done so much for me, and for me to be able to welcome other kids and share the experiences that I‘ve had for the past 15 years of my life.
“I feel it's only appropriate that I continue the momentum that Speedo helped to create by committing my bonus to the establishment of the Michael Phelps Foundation, which I hope will help me inspire others to achieve their dreams, and give back to the sport that has given me so much,” Phelps said in a statement.
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