Source: China Daily

08-15-2008 11:19

Special Report:   2008 Beijing Olympic Games

Weighed in gold, Michael Phelps is worth about $3 million. In reality the face of the Beijing Olympics is probably worth 10 times that amount each year.

Marketing experts said the 23-year-old American, who is now the most successful Olympian with 11 gold medals, will become the richest professional swimmer ever, far surpassing the money earned by the former most decorated US swimmer, Mark Spitz.

"He's the greatest Olympian in the world and he'll be able to earn money everywhere as he's an international brand," Australia-based celebrity agent Max Markson told Reuters.

Michael Phelps of the US adjusts his goggles before the start of  his men's 200m individual medley semifinal at the National Aquatics Center at the Beijing 2008 Olympic Games August 14 2008. [Agencies]

"He's a billion-dollar man. He won't have to get a job ever. He can live off this for 50 years."

Olympic sports have meant big business since the Olympic movement allowed professional athletes to compete 20 years ago.

But none has banked the sums earned by charismatic megastars like Tiger Woods, David Beckham or Michael Jordan whose names are globally known and set cash registers ringing everywhere.

Eli Portnoy, chief brand strategist at the Portnoy Group, a US consultancy specialized in branding, doubted Phelps - or any Olympian - would match the earning power of Woods, who is estimated to become the first billionaire athlete by 2010.

Phelps reportedly earns about $5 million a year from endorsements although his agency Octagon declined to comment. Portnoy forecasts this rising to about $30 million, short term.

"In the heat and intensity of this event it may seem that his earning power is limitless, but you have to pull back and look at someone like Tiger Woods who has performed at a top level for years and years in front of the world," he said.

"The Olympics is only held once every four years. After a year to so Americans forget about the Olympics and move to stars they see more. Kids want someone else on their Weetabix box."