Michael Phelps has been suspended from swimming competitively for three months, which the Olympian says is a fair punishment. Here Michael talks about his mistake and his punishment. One surprise to the AP's report is the revelation that Michael was popped for a DUI after the last Olympics and promised never to do that again, which he hasn't. Perhaps just a bit less partying would be wise move from here on out. Take a look:
The fallout from Michael Phelps' recent pot incident has begun. It has already cost him at least one big sponsor. Olympic champion Michael Phelps was on the box covers of both Kellogg's Corn Flakes and Frosted Flakes boxes but Ad Agereports Kellogg's will let its contract with Phelps expire at the end of this month.
Here's the statement from Kellogg's:
"We originally built the relationship with Michael, as well as the other Olympic athletes, to support our association with the U.S. Olympic team. Michael's most recent behavior is not consistent with the image of Kellogg. His contract expires at the end of February and we have made a decision not to extend his contract."
Ad Age also contacted Subway - which has an ad campaign featuring Phelps that's about to begin - but they declined to comment.
Tabloid paper News of the World has a story that says Michael Phelps was caught smoking a bong. The story also contains a large photograph of a man they claim is Michael Phelps smoking a bong. The article also claims that Michael Phelps' managers offered incentives to kill the story.
As he basked in his hero status, Phelps knocked back beers and shots of spirits. And when a student offered him the glass bong engraved with red writing, he did not hesitate, says our source.
The 6ft 4ins athlete, in a white T-shirt and navy cap worn back to front, clasped the device in his huge hands and inhaled deeply.
Our source said: "You could tell Michael had smoked before. He grabbed the bong and a lighter and knew exactly what to do.
"He looked just as natural with a bong in his hands as he does swimming in the pool. He was the gold medal winner of bong hits. Michael ended up getting a little paranoid, though, because before too long he looked like he was nervous and ran out of the place."
We hope for Michael's sake the story is not true because it could have a deleterious impact on his endorsements and his career.
Update 2-1-09: Michael Phelps has apologized for his behavior.
Tabloid paper News of the World has a 
