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Bobby Bonilla Day: Why Mets pay him over $1M every July despite last playing for them in 1999
Every July 1, Bobby Bonilla earns a check for over $1 million from the New York Mets despite last playing for the team in 1999. Here's the backstory behind one of MLB's wildest deals.
www.foxnews.com
This is where the conception of Bobby Bonilla Day begins.
Instead of paying him the rest of the money owed, the Mets and Bonilla negotiated a deal to make annual payments of just under $1.2 million every July 1 from 2011 to 2035, when Bonilla will be 72, which included a negotiated 8% interest.
So, why did the Mets decide to pony up close to $30 million over the long haul instead of simply handing over the $5.9 million? Well, then-owner Fred Wilpon had invested with Ponzi-scheme artist Bernie Madoff and expected double-digit returns on the deal, which did not happen and Wilpon wound up with the short end of the stick.
It's been reported that Wilpon lost roughly $700 million through Madoff, who was jailed in 2009 and spent the rest of his life in prison.
Oh, and this shouldn't be a secret, but for some reason, it's often ignored. Bonilla isn't the only athlete, current or former, with deferred payments, and some are getting even better deals.
According to Metsmerized, the Orioles will pay Chris Davis $42 million in deferred money to be paid in 10 installments of $3.5 million annually each July 1 until 2032, and five installments of $1.4 million each July 1 from 2023 to 2037. Davis originally signed a $161 million contract in 2016, but hit just .196 with a .670 OPS from that season through his retirement in 2020.
The Cincinnati Reds have also been paying $3.59 million a year to Ken Griffey Jr. since 2009, but that's finally ending next year.
The Washington Nationals will be paying Stephen Strasburg $10 million per year from 2024 through 2030, and he has made just eight starts since signing his then-record $245 million deal in 2019.
Dustin Pedroia collects $2.5 million from the Boston Red Sox every year until 2028, and oft-injured Chris Sale will receive $10 million annually from 2035 to 2039.
