Michael Phelps Already Cashing In

Only six medals into Michael Phelps’ hoped-for eight-medal sweep, his agent is pitching a second memoir by the swimming star. He’s demanding at least $1 million for a book that will feature “eight chapters for eight races.” Better hope Phelps wins them all or the book will have an unhappy ending.

Meanwhile, Crain’s claims Phelps’ first memoir, Michael Phelps: Beneath the Surface, co-written with Sports Illustrated‘s Brian Cazeneuve, only sold 9,000 copies after it was released in 2005. Yet the hardcover edition is currently the best-selling biography on amazon.com, where it’s also ranked #380 on the site’s list of best-selling books.

Crain’s NY: Michael Phelps may soon add a book deal to his treasure trove of Olympic medals.

According to publishing sources, New York literary agent Scott Waxman invited publishers last week to bid on a memoir by the 23-year-old world record breaking swimmer, who has become a global sensation in Beijing.

A two-page proposal from the agent promised “eight chapters for eight races,” according to a publishing executive. Mr. Phelps is aiming to come away from Beijing with eight gold medals, which would break Mark Spitz’s record of seven. The plan is to have the title out in time for Christmas.

The agent set a $1 million floor for the bidding, and wanted offers right away, which suggested to some publishers that he already had an offer.

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