Michael Phelps will use the $1 million bonus he earned for winning eight Olympic gold medals in Beijing to start a foundation, the American swimmer said on Tuesday.

The first initiative by the Michael Phelps Foundation will be an eight-city tour across the United States during which Phelps will discuss his Olympic experiences with children.

“Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible team mates, I was able to achieve that dream by winning eight gold medals in Beijing,” Phelps said in a statement.

“Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much.”

Swimwear manufacturer Speedo pledged to give Phelps $1 million for at least tying the record seven gold medals his compatriot Mark Spitz won at the 1972 Olympics in Munich.

Phelps claimed eight gold medals in Beijing, however, to set a new Olympic standard for a single Games. The Baltimore native has won 14 Olympic gold medals in his career.
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BRUSSELS (Reuters) - World record holder Usain Bolt, Asafa Powell and Tyson Gay spearhead one of the strongest 100-meter lineups assembled at a Golden League meeting when they clash in Brussels on Friday.

“I’m definitely going out there to compete at my best,” Bolt told reporters on Wednesday when asked if he would be chasing the record of 9.69 seconds he set at last month’s Beijing Olympics.

“I’ve already got the biggest thing there is but it would be good to go out a winner (in the season’s final race).”

Bolt, who also won Olympic gold in the 200 meters and the 4x100 relay, takes on American world champion Gay and fellow Jamaican Powell who ran the joint second-fastest 100 meters of all time in Lausanne on Tuesday.

Powell, who was fifth in Beijing, clocked 9.72 in Switzerland to match Bolt’s old world record set in New York in May.

“I’m very happy after all I’ve been through this year,” Powell said.

Bolt did not compete in the 100 meters in Lausanne, easing up well before the finish in the 200 to record a time of 19.63, outside his world record of 19.30.

Last week he won the 100 meters in 9.83 seconds at the Golden League meeting in Zurich.

“Usain Bolt we all know is on fire right now,” said Gay of Friday’s race at the 50,000-capacity King Baudouin stadium.

The American failed to reach the final in Beijing because of a hamstring injury.

“I don’t think I am as sharp right now, considering my leg, to be very competitive with the other two guys,” said Gay.