Michael Phelps will put his $1 million bonus to good use, announcing plans to start a foundation promoting water safety and youth swimming. Joe Gromek, president and CEO of Warnaco, Speedo's U.S. parent company, presented a check to Phelps on NBC's "Today" show Tuesday.
The company, which has sponsored Phelps since he was 16, promised him a $1 million bonus if he tied or broke Mark Spitz's record for most gold medals at a single Olympics. The swimmer eclipsed the mark by winning eight golds at the Beijing Games , seven of them with world-record times.
Born and raised in Baltimore, Maryland, and grew up in the Rodgers Forge neighborhood. He graduated from Towson High School in 2003.
Phelps holds the record for the most gold medals won at a single Olympics with the eight golds he won at the 2008 Olympic Games. With this record, he surpassed Mark Spitz, who was also a swimmer and had held the previous gold medal total with the seven that he won at the 1972 Olympic Games.