http://online.wsj.com/article/SB123361765484841387.html?mod=googlenews_wsj By SUZANNE VRANICA and EMILY STEEL During the Beijing Olympics, Michael Phelps's sports agent said the gold medalist could earn $100 million in endorsement deals over his lifetime. Now, with Mr. Phelps photographed smoking marijuana, that figure may have to be adjusted, though for the time being most brands say they are standing by the swimming champion. Mr. Phelps was caught up in a torrent of bad publicity Sunday when photos of him appeared in a British tabloid. Although he apologized immediately for the incident, sports-marketing experts expect some fallout. Associated Press Michael Phelps at a press conference in Riyadh, Saudi Arabia, on Tuesday, Jan. 27. "There is no arguing that this will definitely impact his future earnings and marketing," says Kevin Adler, chief solutions officer at Engage Marketing, a New York sports-marketing firm. "The guy has been marketed as Captain America, and now this has materially damaged that image." Drew Johnson, a spokesman for Mr. Phelps's agent Octagon, a unit of Interpublic Group of Cos., said the swimmer has spoken with all current sponsors and apologized. "The response we've received has been very positive, and we are encouraged," Mr. Johnson said. Mr. Phelps earns an estimated $5 million a year by endorsing big name brands such as Visa Inc., Nike Inc., Speedo International Ltd., Kellogg Co., PureSport and Doctor's Associates Inc.'s Subway restaurants. Sports experts point out that marketers have the legal right to terminate their contracts because most endorsement deals contain a "morality clause." Subway is planning to use Mr. Phelps in a high-profile marketing event this summer and is now monitoring the situation to see if the sandwich chain will have to scrap those efforts, according to a person familiar with the matter. A spokeswoman for Subway declined to comment. Many of the companies whose brands Mr. Phelps endorses have expressed support for him. Watchmaker Omega, owned by Swatch Group AG, said the "story in the press involves Michael Phelps's private life and is, as far as Omega is concerned, a nonissue." But many also remained tight-lipped about whether the incident will affect the contracts they have with the swimmer. "Speedo would like to make it clear that it does not condone such behavior and we know that Michael truly regrets his actions," the swimwear maker said in a statement. "Michael Phelps is a valued member of the Speedo team and a great champion. We will do all that we can to support him and his family." Still, a spokeswoman for the company declined to comment on whether its contract with Mr. Phelps, which comes up for renewal at the end of the year, would be affected. Speedo has been sponsoring Mr. Phelps since he was 16 years old. Speedo gave him a $1 million bonus for his record eight gold medals at the Beijing Olympics. The photos appeared in News of the World, which is owned by News Corp. News Corp. also owns Dow Jones & Co., publisher of The Wall Street Journal. This isn't the first time the 23-year-old Mr. Phelps's image has been dented. In 2004, he pleaded guilty to drunken driving and was sentenced to 18 months' probation. But sports experts say this incident could be more damaging because it was caught on camera. It also broke on Super Bowl Sunday, the biggest sports and advertising day of the calendar. Some fans have expressed their disappointment on the Web. On Mr. Phelps's site, swimroom.com, one commenter said: "And I look up to u?? As a little 13-year-old girl I'm now very sad." Others expressed their support. One wrote: "In bad times is when you know your true friends, you are an ordinary human being and as such can make mistakes." PureSport, a performance-drink brand, said in a statement that it isn't going to discuss the terms of its contract with Mr. Phelps. "Suffice to say, Michael is one of the best performing athletes in the world and we are very proud that he believes strongly in and endorses our product," Chief Executive Mike Humphrey said in the statement. "While we certainly do not condone his recent behavior, he is a key part of our PureSport family, will remain a member of our family and we are supporting him during this difficult time." --

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