3 Sep 2008

Phelps sets up foundation with million dollar bonus

6:18 pm on 3 September 2008

Michael Phelps will use the million dollar bonus he earned for winning eight Olympic gold medals in Beijing to start a foundation.

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

Swimwear manufacturer Speedo pledged to give Phelps a million dollars if he equalled the record seven gold medals his compatriot Mark Spitz won at the 1972 Olympics in Munich.

Phelps has won 14 Olympic gold medals in his career.