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.
‚ÄúI engaged in behaviour which was regrettable and demonstrated bad judgment. I‚Äôm 23 years old and despite the successes I‚Äôve 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,‚ÄĚ Phelps said in a statement.
Marketing experts are predicting massive fallout and a quick exit by sponsors who could put an end to Phelps‚Äôs dream of cashing in on his Olympic exploits to the tune of $100 million (¬£68.5 million).
‚ÄúIf this is all true, it will be nothing short of a disaster,‚ÄĚ John Taylor, chairman of Sports Impact, one of Britain‚Äôs leading sponsorship agencies, said. ‚ÄúEvery sponsor has ...