"USA Swimming has reprimanded Michael Phelps under its Code of Conduct by withdrawing financial support and the eligibility to compete for a period of three months effective today, February 5," a statement from USA Swimming said.

"This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero.

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"Michael has voluntarily accepted this reprimand and has committed to earn back our trust," the statement said.

Phelps had been expected to return to competition for the first time since the Olympics at a USA Swimming Grand Prix meeting in Austin, Texas, in early March.

Now he won't be able to race until May. That would still allow him to compete at the US National Championships in Indianapolis in July, the qualifying meet for the World Championships in Rome July 18-August 2.

Any plans Phelps had for the post-Olympic season were plunged into disarray when Britain's News of the World published the photograph in which Phelps appeared to inhale from a glass pipe of the kind used to smoke marijuana.

The newspaper said the photo was taken at a university party in South Carolina in November.

The 23-year-old swimmer, who electrified the Beijing Games in August when he won an unprecedented eight gold medals, told his hometown newspaper the Baltimore Sun on Wednesday that the incident showed "obviously bad judgment and it's something I'm not proud of at all."

Phelps suffered more fall-out on Thursday, when US food company Kellogg's said it would not renew its endorsement deal with the Olympian when it expires at the end of February.

"Michael's most recent behavior is not consistent with the image of Kellogg," company spokeswoman Susanne Norwitz said in a statement.

"Michael accepts these decisions and understands their point of view," a spokesman for Phelps's agents Octagon said. "He feels bad he let anyone down.

"He's also encouraged by the thousands of comments he's received from his fans and the support from his many sponsors. He intends to work hard to regain everyone's trust."

Several other sponsors, including apparel manufacturer Speedo and watchmaker Omega, have stood by Phelps.

Speedo was the company that forked over a one million-dollar bonus as Phelps surpassed US swimming icon Mark Spitz's 36-year-old record of seven gold medals at one Games in Beijing.

In Beijing Phelps set seven world records en route to his eight gold medals. He took his total of Olympic titles to a record 14, including six from the 2004 Athens Games.

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