Michael Phelps Takes His Gold Medals to the Bank

It seems that all of that talk during the Olympics about Michael Phelps' endorsement potential is finally beginning to take shape. Kellogg's is among the first in what I'm sure will be a long line of companies to cash in on the fame and fortune that comes with the world's largest TV audience.  It gets even better... Kellogg's has pledged $250,000 to the Michael Phelps Foundation.  Phelps started the foundation with the $1 million bonus that he received from Speedo for tying Mark Spitz's record of seven gold medals.  Not too shabby.

From sportsbusinessdaily.com (registration/subscription required)

Kellogg Co. has unveiled the special-edition packaging featuring U.S. Gold Medal-winning swimmer Michael Phelps that will appear on boxes of Frosted Flakes, Corn Flakes, Club Crackers and Rice Krispies Treats Marshmallow Squares in the U.S. beginning this week. The packaging will depict some of Phelps' signature moments from the Beijing Games. Meanwhile, Kellogg's Corporate Citizenship Fund has pledged $250,000 to the Michael Phelps Foundation (Kellogg Co.). Phelps: "My friends were joking with me, asking, 'So you're going to be (on cereal boxes) with Tony the Tiger?' I said 'Yup.' Pretty cool" (Baltimore SUN, 9/26). In Baltimore, Elizabeth Large wrote, "I can see why you'd want Phelps on your box of Frosted Flakes, to encourage the little tykes who hero-worship him to buy your breakfast cereal. But Club Crackers?" (BALTIMORESUN.com, 9/25).

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