Michael Phelps has admitted to smoking cannabis and apologised after a picture of the record-breaking Olympian with a bong pipe was published in a British tabloid today.
â€śI engaged in behaviour which was regrettable and demonstrated bad judgment. Iâ€™m 23 years old and despite the successes Iâ€™ve had in the pool, I acted in a youthful and inappropriate way, not in a manner people have come to expect from me. For this, I am sorry. I promise my fans and the public it will not happen again,â€ť Phelps said in a statement.
Marketing experts are predicting massive fallout and a quick exit by sponsors who could put an end to Phelpsâ€™s dream of cashing in on his Olympic exploits to the tune of $100 million (ÂŁ68.5 million).
â€śIf this is all true, it will be nothing short of a disaster,â€ť John Taylor, chairman of Sports Impact, one of Britainâ€™s leading sponsorship agencies, said. â€śEvery sponsor has ...