At the ripe age of 23, South Korean swimming star Park Tae-hwan has already heard the whispers that his career may be done.

Park has won two world titles, four Olympic medals and 14 Asian Games medals, and doubters have said that he can’t possibly do much more down the road.

Such reservations were the basis of the decision by his long-time agency, the sports management wing of the mobile giant SK Telecom, not to re-sign Park after their four-year contract ran out last September.

Park has since lost his corporate sponsorships and the swimmer has had to pay out of his own pocket to cover training expenses.

It’s been a stunning fall from grace for one of the country’s most recognizable athletes, who was once an omnipresent figure in television commercials and magazine spreads. In an interview with Yonhap on Wednesday, the competitive Park said he’s determined to prove his detractors wrong.

“I can see why some people feel that I’ve already peaked and I can only go down from here because swimming is a really difficult sport,” Park said.

“SK Telecom also insinuated that (when it decided not to re-sign him). I was angry at first but I could understand where they were coming from. I became more determined to show people I can still swim. I think there’s plenty of time for me to improve.”

No matter what he does the rest of his career, Park’s legacy in South Korean sports is quite secure. He is the first South Korean swimmer to win an Olympic swimming medal, having captured gold in the 400-meter freestyle at the 2008 Beijing Olympics. He added a silver in the 200-meter freestyle at the same Olympics.

Four years later in London, Park won silver medals in the 200m and 400m freestyle races, the latter coming after he was mistakenly disqualified for a false start in his heat only to be reinstated for the final.

Park also won world championships in the 400m freestyle in 2007 and 2011. He has been even more dominant in Asia, picking up three gold medals in back-to-back Asian Games in 2006 and 2010.

But as far as his old sponsors were concerned, those records were in the past. Park may already have been surpassed by Sun Yang of China, who in London shared the 200m freestyle silver with Park and shattered his own world record to win the 1,500m freestyle gold. Sun is two years younger than Park.

Park’s next chance to prove his worth could come as early as this July when the biennial FINA World Aquatics Championships takes place in Barcelona, Spain.

Park has been coached by Australian Michael Bohl since January 2010. He said he will need to discuss his future schedule with Bohl and the decision on whether to participate in the world championships could be made later this month.

“I don’t have much time to prepare,” Park said. “But if coach Bohl wants me to compete, then I am going to do the best I can with what little time I have left and put up good performances for the fans.”

For six weeks earlier this year, Park trained with Bohl in Brisbane, and paid his own way to Australia. Though he wouldn’t say how much the trip cost him, Park admitted that the finances were difficult to handle, especially since he no longer had the sense of security and stability sponsors provide.

Still, he said he has been trying to get something positive out of this ordeal.

“I think this might have been a good learning experience for me,” Park said. “I think it really drove me hard and motivated me to work even more. It’s been a good opportunity to push myself.”

Park recently found a new home in the unlikeliest of places.

He joined the Incheon City Hall team on March 28 and will be paid an undisclosed amount by the municipal government, located west of Seoul. Star athletes of Park’s caliber are often signed by teams owned by major private corporations and are also presented with endorsement opportunities. Still, Park said he was grateful to Incheon for helping him settle down finally.

And settling down was precisely what Park needed this spring. (Yonhap News)