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BONG FALLOUT: PHELPS ENDORSEMENT UP IN SMOKE

Feb. 5 2009, Published 9:36 a.m. ET

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The other bong.. or shoe has fallen. Olympic swimmer Michael Phelps has lost one of his major sponsors in wake of the release of a photo showing him smoking pot.

In a statement, Kellogg says:

"We originally built the relationship with Michael, as well as the other

Olympic athletes, to support our association with the US Olympic team.

Michael's most recent behavior is not consistent with the image of

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Kellogg. His contract expires at the end of February and we have made a

decision not to extend his contract."

Phelps appeared on the Kellogg's Corn Flakes box after his Olympic

triumph.

He also snagged lucrative endorsement deals with Speedo, Omega Watches,

and Subway.

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