/ News of the World

Michael Phelps, who won a record eight swimming gold medals at the 2008 Summer Olympics in Beijing, is shown with a water pipe on the cover of "News of the World" newspaper.

updated 2:13 p.m. ET Feb. 3, 2009

MILWAUKEE - Another of Olympian Michael Phelps’s big-name sponsors — credit-payment processor Visa Inc. — said Tuesday that it supports the swimming sensation despite the publication of a photograph of him inhaling from a marijuana pipe.

“We have spoken with Michael, and he has expressed regret for the situation, has committed to being accountable and improving his judgment in the future,” Visa said. “We intend to support him as he looks to move forward.”

The 23-year-old, whose performance at the Beijing Olympics netted him a record eight gold medals and predictions of lucrative sponsorships, apologized for his “regrettable” behavior and “bad judgment” after the photo appeared Sunday in the British tabloid News of the World.

On Monday, sponsors including apparel company Speedo, luxury Swiss watchmaker Omega and sports beverage PureSport’s maker Human Performance Labs also said they stand behind the athlete, even if they don’t condone his behavior.

Some of Phelps sponsors still weren’t commenting Tuesday. A spokeswoman at Battle Creek, Mich.-based Kellogg Co. said the cereal maker declined to comment. The company put Phelps on boxes of its Frosted Flakes and Corn Flakes.

Phelps may not be in hot water with his sponsors but he may be facing other challenges.

Authorities in the South Carolina county where he was photographed smoking from a marijuana bong said Tuesday they are considering a criminal charge against him.