Michael Phelps Announces Plans for Retirement (Video)
American Swimmer Michael Phelps says he is ready for another Olympic challenge.
After he suffered defeats at the past two world championships he says he has learned from his mistakes.
The 27 year-old Phelps, who holds the Olympic record for Gold winning eight gold medals, says he is ready to retire after the London Games.
The American swim team heads into the Olympics boasting the fastest times this year in 12 of the 26 individual events.
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