"... Thank you for contacting us regarding Olympic swimmer, Michael Phelps and our decision not to extend his contract.
We regret that the intent of our message was not clear. The contract was set to expire the end of February and with Michael's obligations to us met, our decision not to extend the contract was for business reasons and in no way diminishes Michael's status as an athlete. We believe Michael has set a tremendous example through his work ethic and his accomplishments and are proud to have been associated with him.
The timing of this unfortunate incident and the end of the contract is purely coincidental. Again, thank you for the opportunity to share the facts of this situation.
Director, Consumer Affairs ...
Saturday, February 07, 2009
Michael Phelps was not "dropped" from Kellogg - His contract had simply expired!
Amanda sent this in regards to the real reasons why Phelps lost his contract. From Gawker.com: