Marketing analysts "see a long future" for Michael Phelps as a product endorser, especially if he "avoids mistakes" like his '14 DUI arrest, according to Childs Walker of the Baltimore SUN. S.F.-based Baker Street Advertising Exec Creative Dir Bob Dorfman said as an "iconic figure who transcends sports, Phelps should be a marketable commodity well into retirement -- assuming he avoids future transgressions during all that extra free time he'll have." Dorfman added that Phelps, who has been adamant he will not compete again at the '20 Tokyo Games, will "likely have many options," from "continuing as an ambassador for Under Armour to serving as a swimming commentator for NBC" (Baltimore SUN, 8/14). CNBC’s Carl Quintanilla wondered how big Phelps' brand can get "when his Olympic career is over." Cashing in on his success "may have a limit, not only because he’s in his final Games but also due to personal setbacks." Quintanilla noted Phelps’ “primary endorsement deals" are with UA and Omega. Washington Univ. Dir of Sports Business Program Dr. Patrick Rishe said, "There’s a reason why Michael Phelps is not getting, let’s say, Rory McIlroy/Jordan Spieth money in terms of endorsements. These are professional golfers that are in the limelight on a regular basis every year. If we believe that this is Michael Phelps’ last Olympics … then he’s not going to be in the limelight going forward" (“Squawk on the Street,” CNBC, 8/11).
REAPING THE BENEFITS: TSN's Rick Westhead noted Canadian Gold Medal-winning swimmer Penny Oleksiak "will leave Rio facing a huge decision -- whether or not she should give up the chance to swim for a U.S. university to turn professional and pursue endorsement contracts worth hundreds of thousands of dollars a year." Sports agent Brant Feldman said that if the 16-year-old swimmer turns pro immediately, she "might expect to earn as much as $250,000 a year from endorsements, and her most lucrative marketing deal would probably be with a swimwear company." Westhead cited several agents as saying that the drawback to turning pro is "primarily the time commitment involved with working with sponsors, time that can take a swimmer’s focus away from training and competition." S&E Sponsorship Group President & CEO Brian Cooper said that Oleksiak "would garner individual deals worth at least $100,000 apiece, 'depending on the rights, time commitment for production and personal appearances, and category exclusivity'” (TSN.ca, 8/13).
FOOLS RUSH IN? USA TODAY's Christine Brennan noted Gold Medal-winning swimmer Katie Ledecky will not be "pitching any products after these Games," as she has "chosen to not turn professional and make millions, but rather to attend college and be able to swim" for Stanford. Ledecky "has no doubts she made the right decision to remain an amateur." She said, "I’m only 19 years old and I only really want to represent myself and my family and my coach and my teammates. I don’t really feel like I need to represent something bigger than that right now. I think down the road, I would love to be a pro swimmer" (USATODAY.com, 8/14). In Boston, John Powers wrote, "Taking the cash takes you down a road that can’t be walked back." Unless Ledecky is "going to collect a quarter of a million dollars in endorsements, it doesn’t make sense to forgo a full ride to a top college" (BOSTON GLOBE, 8/14).
