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Michael Phelps signs $5 million dollar endorsement deal with Under Armour insiders estimate

Posted Feb 21 2010 9:30am

Phelps

In the water Michael Phelps is a loyal Speedo man but out of the water while dry land training he's now a Under Armour guy.

This week it was announced that Phelps signed an estimated $5 million dollar and multiyear endorse with the up and coming sports apparel company, Under Armour.

According to USA Today:

"The arrangement with Under Armour is Phelps' highest-profile deal since a picture of him with a marijuana pipe surfaced in a British tabloid in January 2009.

Phelps, who is making appearances in Vancouver on Thursday, says he already worked out in Under Armour gear. In addition, he lives near the company's offices in Baltimore, his hometown. "It seemed like the perfect fit," he says."

Phelps agent says that he expects the endorsement contract to last through the next Olympic games in London and hopefully beyond.

Phelps, 24, won a record setting eight Olympics Gold Medals at the Beijing Olympic games in 2008. He has 16 Olympic medals in total.

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