Michael Phelps leaves Speedo, signs new endorsement deal

Apparently, $1 million doesn’t go as far as it used to.

It wasn’t so long ago that Speedo paid Michael Phelps that much as a bonus for winning a record eight gold medals at the Beijing Olympics.

Now, as Phelps makes a comeback from retirement, he and his coach, Bob Bowman, announced Tuesday they will endorse Aqua Sphere, which until now has specialized in outfitting triathletes, open-water swimmers and fitness swimmers.

Financial details of the deal were not disclosed.

“With Aqua Sphere’s product design and development capabilities, we believe there is an opportunity to help make the sport more inviting to others by recognizing that everyone begins at different levels, requires assistance matching their skills with products, and lack the appropriate context in order to maximize their swimming experience,” Phelps said in a statement.

The 29-year-old had been linked with Speedo since his teens. He will help Aqua Sphere create racing wear as part of a contract that runs through 2020.

Phelps will continue his comeback by swimming in four events at the U.S. national championships in Irvine, which begin on Wednesday.