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Phelps Using $1M Bonus To Start Swim Foundation

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Sep 2, 2008 1:54 pm US/Eastern

Phelps Using $1M Bonus To Start Swim Foundation

NEW YORK (AP) ― Swimmer Michael Phelps says he's using a $1 million bonus from Speedo for tying Mark Spitz's seven gold medals in one Olympics 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 $1 million check to Phelps on Tuesday morning on the Today show.

Spokeswoman Audra Silverman says Speedo International and the Warnaco Foundation are also donating $200,000 to the Michael Phelps Foundation to commemorate his record eight gold medals at the Beijing Games.

Speedo offered the bonus before the Athens Olympics in 2004 and Silverman says the offer still stood last month, when Phelps matched the record.

Phelps plans to launch the foundation with an eight-city tour to raise awareness of the sport and promote water safety.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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