Aug 19, 2008 9:08 am US/Eastern
Baltimore Co. Planning Big Welcome For Phelps
TOWSON, Md. (WJZ/AP) ―
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Baltimore County officials are planning a big event for superstar swimmer and Maryland native Michael Phelps.
AP
Baltimore County held a "Phelpstival" at the county seat when Michael Phelps came home an Olympic hero four years ago.
Kai Jackson reports now that he's won a record eight gold medals in Beijing, county officials say they need to think bigger.
Marjorie Hampson with the county communications office says officials haven't set a date for an event celebrating Phelps' return, but they're considering Labor Day weekend.
While the county is planning the celebration, Phelps is planning to get down to business.
"I wanna raise the bar in the sport of swimming more," said Phelps.
He'll keep training for the 2012 games in London, but his business managers will focus on his financial success.
He reportedly already earns $5 million a year in endorsements, but analysts predict his wins in Beijing could now put him up there with the likes of some of sports' biggest earners like Tiger Woods, David Beckham, Peyton Manning and Michael Jordan.
"Michael Phelps has all of a sudden put himself in the stratosphere in terms of earning and endorsement potential," said Baltimore executive Gary Jordan.
Phelps has plenty of what advertisers are looking for, beginning with his high-profile awareness and recognition.
"And the second thing you look for is trustworthiness. That's why Barry Bonds has never made big money with endorsements. So if you have awareness and trustworthiness, which I think we have from Michael Phelps, I think the sky's the limit," said Jordan.
Now that fans around the world have cheered him on, it's not long before Phelps will be back home in Maryland.
Hampson says the original plan, which called for a parade around the county seat that could end at Towson University's 11,000-seat Johnny Unitas Stadium, just a few miles from where Phelps grew up in Rodgers Forge, is being rethought. She says they're not sure that venue is big enough.
"It's amazing what he's accomplished, everyone can learn form what Michael's done," said a fan.
Governor O'Malley is also among those congratulating Phelps saying his "historic achievement offered a moment of pride not only for his state, but for an entire nation."
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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