Los Angeles  - Swimsuit company Sppedo late Wednesday announced that they had extended their contract with American swimming superstar Michael Phelps until 2013.

In a statement released by the company, Speedo said they would in future pay 10,000 dollars to the Michael Phelps Foundation for every world record that Phelps swims, with the 24-year-old 14-time Olympic champion adding the same amount.

Phelps, who has been under contract to Speedo since 2001, started the foundation last year with the one million dollars he was given by Speedo after winning a record-breaking eight gold medals at the Beijing Olympics.

The aim of the Foundation it to make swimming more popular.

Phelps said on his website that Speedo have been a great sponsor. "They have really helped support me in my efforts to grow the sport of swimming.

"One cool thing we are doing is that for every world record that I set, we will both donate 10k to my Foundation... a little extra motivation for me!"

Earlier this year Phelps and his coach Bob Bowman had criticised Speedo because they had failed to design a swimming costume that could match the ones designed by rival companies and Phelps had, as a result, been forced to swim in the LZR model of the previous year. (dpa)