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Breaking News: "The Death of American Elite Swimming as We Know it"

Posted Sep 24 2008 11:35am

Swimmer  According to CNBC:

"In a somewhat surprising move, Nike has pulled out of the Olympic swimwear market.

Sources told CNBC that, last week, officials with the world's largest shoe and apparel maker told college swim coaches who they have contracts with, that the company would no longer be developing the latest and greatest for championship swimmers.

Those suits, for obvious reasons, are used by swimmers at the majority of top programs whose coaches have a Nike contract.

Nike getting out of the championship swimming market is the death of American elite swimming as we know it," said Olympic superagent Evan Morgenstein,  who represents almost every elite swimmer under contract with Nike.

"Some swimmers make 95 percent of their income in non-Olympic years from these apparel deals. If one of only three major players is out (Nike) and the market leader (Speedo) feels its in a position where they don't have to pay much as long as they have the best suit, the financial model that most Olympic swimmers have lived by since 2000 is over."

Read the complete story HERE.

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