Phelps Cops to Smoking Pot

Michael Phelps admitted today to smoking pot after a British tabloid ran a photo of him sucking a bong, the Times of London reports. The Olympic swimming star apologized, saying he “demonstrated bad judgment. I'm 23 years old and despite the successes I've had in the pool, I acted in a youthful and inappropriate way, not in a manner people have come to expect from me." He promised not to do it again.

Phelps passed drug tests before winning eight gold medals at the Beijing summer Olympics, but faces a 2-year ban over the pot pic. Sponsors may pull out and end his dream of making $100 million. “If this is all true, it will be nothing short of a disaster,” one industry insider said. "Sportsmen and women are naive to think that things like this will not come out and, when it does, it has a massive impact."

(More Michael Phelps stories.)