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