Celebrity Endorsements

Kellogg’s will not renew its sponsorship contract with 14-time Olympic gold medal champion Michael Phelps. The company said that Phelps’ recent acknowledgment of marijuana use, and subsequent apology, was “not consistent with the image” of the company. Speedo announced the extension of an endorsement deal with world-record swimmer Michael Phelps through 2009. He is Speedo's richest swimwear sponsorship to date. They say the amount of money will help keep him motivated. Many companies use Olympics athletes, especially around Olympic time to promote their products. The moral clause aspect is good for the athlete to remember that they are in the eyes of the public. It also helps the image of the company.