Gold Medal-winning swimmer Michael Phelps has formally “signed a lucrative endorsement deal” with the IOC’s newest worldwide partner, Procter & Gamble, according to Julian Linden of REUTERS. The deal, which was first reported in September by SportsBusiness Journal, makes Phelps the "global face” of Head & Shoulders shampoo. He will be featured “prominently in their Wash in Confidence campaign.” P&G said that the contract with Phelps “would run for two years, until 2013.” Financial terms were not disclosed, though they have been reported to be in the seven figures. Octagon Managing Dir of Olympics & Action Sports Peter Carlisle, who reps Phelps, said, "Michael has always wanted to help grow the sport of swimming and he needs global brands that can help him spread his message all over the world." Linden noted Carlisle has been “flooded by endorsement offers for his client but said less than 10 per cent ever get signed because of the complexity of striking a deal with the most decorated Olympian of all time and his ambition to spread his message worldwide.” Phelps said, "Who would have thought, five years ago, that a swimmer would sign a deal for a hair product" (REUTERS, 11/15).
