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Michael Phelps loses deal with Kellogg

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When the picture of Michael Phelps inhaling from a bong first began appearing on the internet, Mark Fightmaster wrote that "It appears that the sponsors are going to stand by their man, from Speedo to Parenting magazine."

Visa said that it had "spoken with Michael and he has expressed regret for the situation, has committed to being accountable and improving his judgment in the future [...] We intend to support him as he looks to move forward."

But there is a defector from Phelps' camp. Kellogg Co. (NYSE: K) has elected not to renew Phelps's contract that expires at the end of the month.

Phelps's mug can be found on corn flakes boxes, but that company has decided that one of the greatest athletes in the history of the world can no longer represent it because someone once took a picture of him smoking marijuana -- something that 42% of Americans have done at some point in their lives.

By the way: When asked whether he'd used weed, President Barack Obama replied that "I inhaled frequently, that was the point." If a then-Presidential candidate can admit to having experimented with illegal drugs, why not an athlete?

It's hard to know why Kellogg opted not to overlook this issue the way that Visa, Speedo and even Parenting did, but it sure is making the company look stodgy and out of touch.

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Last updated: November 23, 2009: 05:53 PM

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