Phelps’ 8 Gold Medals Could Net Him $100 Million in Future Income
Copyright © 2008 Ed Bagley
Sports agents that should know decided some time ago that winning a gold medal in the Olympics could be worth $12 million in appearances and endorsements for a very marketable athlete.
Michael Phelps earned 8 gold medals in swimming competition at the 2008 Beijing Olympics, breaking Mark Spitz’s American record of 7 gold medals at the 1972 Olympics in Munich. Eight golds at $12 million apiece works out to $96 million in possible income. Phelps’ agent, Peter Carlisle, agrees.
“What is the value of 8 golds in Beijing before a prime-time audience in the United States?” said Carlisle, posing the question. “I’d say $100 million over the course of his lifetime.” Carlisle leads the Olympic and Action Sports Division at Octagon.
Even before China brought down the curtain on the closing ceremonies at the Beijing Olympics, companies were already drafting offers for Michael Phelps’ services as a spokesman. Carlisle has confirmed that he is getting up to 50 pitches a day.
When Phelps acquired his 7th gold medal in the 100 butterfly final, it automatically triggered a $1 million bonus from Speedo, one of his many sponsors. Phelps was not exactly broke before he competed in Beijing. His agent Carlisle estimated Phelps’ current earnings between $3 and $5 million a year, and Carlisle expects his income to double following the Olympic Games.
Pizza Hut is giving Phelps and his teammates on the men’s and women’s United States swim teams free pizza and pasta for a year. Phelps will soon have a book out titled “Built to Succeed”, and his advance fee is a cool $1.6 million. Phelps already has top endorsements from companies that include Visa, Omega, Hilton, AT&T and Speedo.
It is a good thing to be Michael Phelps today. Phelps popularity is huge at the moment. On the online social networking site Facebook, more than 795,000 people have officially declared themselves fans of Phelps. Advertisers are fully aware of Phelps presence in the marketplace.
The big question is: Will Phelps be able to translate his swimming presence in the pool into a marketable personality outside the pool? Mark Spitz had many possibilities in 1972, but Spitz just did not have itso to speakas a marketable personality.
Like all new Olympic heroes, it will be 4 years before another opportunity. In the meantime, new heroes will arise and Phelps could easily fade into the woodwork as Spitz did. The uniqueness of his feat will only carry him so far.
To succeed in the marketplace as a highly paid spokesperson for a company, he will need a personality that continually draws people to him, and possess qualities that make people care.
John Sweeney, director of sports communication at the University of North Carolina’s School of Journalism and Mass Communication, will seek answers to these questions as Phelps does interviews to hype his popularity:
“Is he funny? Is he warm? Is he interesting? Does he say things that make you want to listen more, or is he the great athlete who is pleased to be here and he’s done?”
Mark Spitz did not have the personality to pull it off. He made money but not nearly what he could have made.
Mary Lou Retton won exactly one gold medal in the 1984 Olympics but has been able to parlay it into a career of speaking engagements, television appearances and ongoing commentaries.
Phelps already has his eye on the 2012 Olympic Games in London, and breaking the Olympic record for the most medals18set by Soviet gymnast Larysa Latynina. Phelps has 16 medals to date14 golds (6 from the 2004 Games and 8 from 2008) and 2 bronze medals. Three more medals in London of any kind would give him the record.
Beyond Phelps’ performance at Beijing, I am impressed that earning $3 to $5 million a year before he arrived did not affect his ability to produce on cue. So many athletes work so hard for a big payday and then their skills and performance diminish in inverse proportion to their rising income.
About the Author
Read my running articles, including:
“Updated USA Prep Track & Field Records and the New Best 2008 Top Performances”
“A St. Patrick’s Day Toast to Irish Runners Marcus O’Sullivan and Eamonn Coghlan”
“Meet ‘Pre’ – America’s Greatest Running Legend and Greatest Middle Distance Runner”
Find my Blog at:
http://www.edbagleyblog.com
http://www.edbagleyblog.com/Sports.html
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