UPDATE: Michael has been suspended for 3 months by USA Swimming. He’s also lost his Kellogg sponsorship.

Although he was previously scheduled to celebrate with the Super Bowl attendees in Tampa, Michael Phelps spent this weekend addressing a celebration from last fall. (Note to future Olympic superstars: There’s no such thing as a “private” party with college students.)

Thanks to a picture of him posted online by News of the World, Phelps was forced to apologize to his admirers and sponsors. The photo, supposedly taken in November at a Univ. of South California party, clearly shows Michael inhaling a substance from a marijuana pipe.

In a statement released to the media, the swimming phenom didn’t try denying the incident. “I engaged in behavior which was regrettable and demonstrated bad judgment,” Phelps said. “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. For this, I am sorry. I promise my fans and the public it will not happen again.”

While it’s still too soon to say what might happen with his current endorsements (he reportedly could make up to $100 million), AP’s male athlete of the year will not likely see sanctions from the World Anti-Doping Agency. “We don’t have any jurisdiction,” WADA’s executive director explained. “It’s not banned out of competition. It’s only if you test positive in competition.”