Cashing in on Olympic Gold

BEIJING, Aug. 26, 2008 — -- Michael Phelps, the eight-time gold medalist in Beijing, has won more gold than any Olympic athlete ever. Just because the torch has been extinguished, though, doesn't mean Phelps' gold rush is over.

Actually, the gold mining has only just begun.

"If you're Michael Phelps, sitting there with those eight gold medals, the gold is just waiting to be cashed in, and the answer is yes he will," said Christine Brennan, USA Today columnist and ABC News sports consultant.

When the Beijing Olympics kicked off Aug. 8, Phelps was already cashing in. He'd earned a reported $5 million annually from endorsements for Visa, PowerBar, Omega, AT&T and Speedo.

Ryan Schinman, a sports marketing consultant and CEO of Platinum Rye Entertainment, told ABC News, "Most major corporations, whether it is an AT&T, Visa or Speedo, they are looking years in advance who to attach themselves to in these Olympic Games. By the time the Olympics come around, they have a game plan."

Speedo had a strategy in place indeed. In the middle of his quest for eight gold medals in Beijing, Phelps received a widely publicized $1 million bonus from Speedo for his effort in breaking Mark Spitz's 36-year-old record of seven in one Olympic Games.

Now that Phelps has won all eight, many in the sports marketing industry believe Phelps' corporate income could set new records. Many major corporations have jumped on the gold medal bandwagon.

Phelps is on his way to your breakfast table. Kellogg's, the cereal company, is featuring the eight-time gold medal-winning swimmer on special edition boxes of Corn Flakes and Frosted Flakes. They are expected to hit shelves across to the United States in mid-September.

Visa also hasn't wasted anytime launching advertisements in Beijing and the United States featuring Phelps in and out of the pool.

Phelps isn't the only champion taking advantage of his athletic feats. Shortly after American gymnast Nastia Liukin took gold in all-around gymnastics, Visa showed her its brand-new limited edition credit card with a picture of her leaping across it. Liukin is loving it.