Ian Thorpe waited for a moment to find the right words, before saying, "I've thought about this for a long time... I'm not straight. And this is only something that very recently, we're talking in the past two weeks, I've been comfortable telling the closest people around me exactly that."
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Ian Thorpe has received a wave of support since coming out
He also told Michael that he has wanted to come out for a long time, but "didn't feel like I could".
"What happened was I felt the lie had become so big that I didn't want people to question my integrity," he explained.
"And, you know, a little bit of ego comes into this. I didn't want people to question that... have I lied about everything?"
"I'm comfortable saying I'm a gay man. And I don't want young people to feel the same way that I did. You can grow up, you can be comfortable and you can be gay.
"I was concerned about the reaction from my family, my friends. I'm pleased to say that in telling them, and especially my parents, they told me that they love me and they support me.
"And for young people out there, know that that's usually what the answer is."
Thorpie has already received a wave of support from fans and fellow swimmers for his coming out, with many sending him their good wishes on Twitter. The goodwill towards him has been so extensive that #onyathorpie was trending on Twitter, before the interview was even broadcast.
It comes only two years after he denied he was gay in his autobiography, saying that all his sexual experiences had been straight, and that he was hurt by the rumours which seemed to attack his integrity.
He wrote then, "I know what it’s like to grow up and be told what your sexuality is, then realising that it’s not the full reality. I was accused of being gay before I knew who I was."
Now he's out, and fellow Australian Olympian Matthew Mitcham has told Australian's Sunday Telegraph, “I really hope this process gives him some peace and that the media and the public give him the same respect and the same overwhelming support I received in 2008. The Australian public and media have a really wonderful opportunity to set an example for kids who are in Ian’s position.”
PICTURES - Openly gay sportsmen:
Gay sportsmen
Cricket - LV=County Championship - Division One - Day Three - Surrey v Yorkshire - The Kia Oval(01 of14)
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Steven Davies, Surrey (credit:PA)
Soccer - Football League Division One - Norwich City Photocall(02 of14)
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Justin Fashanu, Norwich City (credit:PA)
Celebrity Big Brother 2012 - Final(03 of14)
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BOREHAMWOOD, UNITED KINGDOM - JANUARY 27: Finalist Gareth Thomas gets evicted from Celebrity Big Brother 2012 at Elstree Studios on January 27, 2012 in Borehamwood, England. (Photo by Nat Jag/Getty Images) (credit:Getty Images)
Red Bull Cliff Diving World Series 2013 - Italy(04 of14)
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MALCESINE, ITALY - JULY 14: (EDITORIAL USE ONLY) In this handout image provided by Red Bull, World Series judge, Greg Louganis of the USA, at the Scaliger Castle during the fourth stop of the Red Bull Cliff Diving World Series on July 14, 2013 at Malcesine, Italy. (Photo by Dean Treml/Red Bull via Getty Images) (credit:Getty Images)
34th Annual Salute To Women In Sports Awards - Reception(05 of14)
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NEW YORK, NY - OCTOBER 16: Womens Sports Foundation Founder Billie Jean King speaks onstage during the 34th annual Salute to Women In Sports Awards at Cipriani, Wall Street on October 16, 2013 in New York City. (Photo by Mike Coppola/Getty Images for the Women's Sports Foundation) (credit:Getty Images)
BEVERLY HILLS, CA - OCTOBER 18: Soccer player Robbie Rogers arrives at the 9th Annual GLSEN Respect Awards at Beverly Hills Hotel on October 18, 2013 in Beverly Hills, California. (Photo by Jason Merritt/Getty Images for GLSEN) (credit:Getty Images)
TENNIS-GBR-WIMBLEDON(07 of14)
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French former tennis player Amelie Mauresmo sits in the royal box on Centre Court to watch France's Marion Bartoli play against Belgium's Kirsten Flipkens during their women's singles semi-final match on day ten of the 2013 Wimbledon Championships tennis tournament at the All England Club in Wimbledon, southwest London, on July 4, 2013. AFP PHOTO / GLYN KIRK - RESTRICTED TO EDITORIAL USE (Photo credit should read GLYN KIRK/AFP/Getty Images) (credit:Getty Images)
FORTUNE Most Powerful Women Summit - Day 2(08 of14)
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WASHINGTON, DC - OCTOBER 16: Tennis player Martina Navratilova speak onstage at the FORTUNE Most Powerful Women Summit on October 16, 2013 in Washington, DC. (Photo by Paul Morigi/Getty Images for FORTUNE) (credit:Getty Images)
Orlando Cruz(09 of14)
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Orlando Cruz points to his rainbow colored briefs while standing on the scale during the weigh-in for the WBO featherweight title fight against Orlando Salido, Friday, Oct. 11, 2013, in Las Vegas. Cruz, boxing's first openly gay fighter, will take on Salido in the 12-round title fight on Saturday. (AP Photo/Julie Jacobson) (credit:AP)
Screen Shot 2013-12-02 at 10(10 of14)
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2013 US Open - Day 8(11 of14)
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NEW YORK, NY - SEPTEMBER 02: Lisa Raymond plays Abdrea Hlavackova and Lucie Hradecka with Polona Hercog of Slovenia on Day Eight of the 2013 US Open at USTA Billie Jean King National Tennis Center on September 2, 2013 in the Flushing neighborhood of the Queens borough of New York City. (Photo by Matthew Stockman/Getty Images) (credit:Getty Images)
Investitures At Windsor Castle(12 of14)
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WINDSOR, UNITED KINGDOM - JULY 19: Gold medal winning Olympic Dressage rider Carl Hester after he is made a Member of the Order of the British Empire (MBE) by Queen Elizabeth II during an Investiture ceremony at Windsor Castle on July 19, 2013 in Windsor, England. (Photo by Steve Parsons - WPA Pool / Getty Images) (credit:Getty Images)
Christian Dior Sydney Opening(13 of14)
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SYDNEY, AUSTRALIA - JANUARY 31: Matthew Mitcham attends the opening of the Christan Dior Sydney store on January 31, 2013 in Sydney, Australia. (Photo by Lisa Maree Williams/Getty Images) (credit:Getty Images)