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| Michael Phelps |
Michael Phelps became the Olympic hero of 2008 by winning eight medals in the Beijing games – but when pictures surfaced of the swimmer inhaling from a marijuana pipe, his celebrity endorsements also took a hit. Cereal and snack manufacturer Kellogg’s wasted no time and announced that it will not renew its sponsorship contract with Phelps. Many believe Phelps stands to lose more if other brands who have made deals with Phelps decide to follow Kellogg’s example.