London, September 3 : Ace swimmer Michael Phelps has revealed that he will utilize the bonus of one million dollar he has earned for winning eight Olympic gold medals at the Beijing Olympics to start a foundation.
He has also revealed that the Michael Phelps Foundation will visit eight cities across the U.S. as part of its first assignment, during which he will discuss his Olympic experiences with children.
"Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible team mates, I was able to achieve that dream by winning eight gold medals in Beijing," the Mirror quoted him as saying in a statement.
"Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much," he added.
Swimwear manufacturer Speedo pledged to give Phelps one million dollars for at least tying the record seven gold medals his compatriot Mark Spitz won at the 1972 Olympics in Munich.
However, Phelps won eight gold medals in Beijing, setting a new Olympic standard for a single Games.