After winning a record eight gold medals at the 2008 Olympics, Michael Phelps has earned a rest.
Instead, he’s spending the rest of this week in Beijing making appearances for sponsors such as Visa and Hilton Hotels.
As the Wall Street Journal notes today, the window of opportunity for Olympians is brief, even for someone with the star power of Phelps. His longevity in the marketplace will be helped by his intention to compete in the 2012 games.
Michael Phelps
A major decision for Phelps and his agent, Peter Carlisle, will be whether to renew his contract with Speedo. The Journal estimates that Phelps could be worth $40 to $50 million to a larger sports company such as Nike.
Speedo reports that it has sold out of Phelps jerseys, and is beginning production of a new item - the white parka Phelps sported poolside. The swimsuit Phelps wore - the LZR Racer, which sells for $550 - will be on the shelves in time for Christmas shoppers.
Visa plans to use footage from the games in spots pitching its gold card.
Before the Beijing games, Phelps, who won six medals at the 2004 Olympics, made an estimated $3 million to $5 million per year. Carlisle says that figure could now double.
“What is the value of eight golds in Beijing before a prime-time audience in the U.S?” Carlisle said to the Journal. “I’d say $100 million over the course of his lifetime.”
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1 Comments
#1. Carlos 08.18.2008
$100 million over the course of his lifetime…
ka-ching!
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