Speedo has extended its sponsorship agreement with Michael Phelps, winner of 14 Olympic gold medals, through 2013, including the 2012 Olympic Games. The brand will donate $10,000 to his Michael Phelps Foundation for every new world record that he sets. Intended to promote the sport of swimming, the charitable foundation was set up by Phelps with the $1 million bonus that he received after his unprecedented victories at the Beijing Olympics. The American champion has been sponsored by Speedo since 2001. Wearing its LZR Racer, he won eight gold medals in Beijing, setting eight American records, seven world records and eight Olympic records during the nine-day competition.