Phelps suspended from competitive swimming, dropped by sponsor

(CNN) - Olympic hero Michael Phelps was suspended from competitive swimming for three months on Thursday - just hours after one of his sponsors announced it would not renew his contract after a photo surfaced of him smoking from a bong.

U.S.A. Swimming, the nation's governing body for competitive swimming, said it was withdrawing financial support for Phelps and barring him from competition during the period of his "reprimand."

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