It's Bobby Bonilla's payday

[PhxRam]

Cha Ching!!!

NEW YORK -- It’s payday for Bobby Bonilla.

New York Mets agreed to pay him $1,193,248.20 annually on July 1 for 25 years, beginning in 2011.

Bonilla was owed $5.9 million when the Mets agreed to that buyout.

The agreement called for deferred payments at an 8 percent annual interest rate. At the time, Mets ownership did not mind that interest rate because their investments with Bernie Madoff were returning comfortably more than that figure.

Meanwhile, believe it or not, the Mets annually make a second payment to Bonilla, too.

CBSSports.com reported in 2013 that Bonilla receives a separate payment for 25 years, which is the shared responsibility of the Mets and Baltimore Orioles and runs through 2028. The Mets reportedly are required to pay slightly more than half of the annual $500,000 sum, which stems from Bonilla’s original tour of duty with the Mets.

http://espn.go.com/blog/new-york/mets/post/_/id/105897/its-bobby-bonillas-payday

 

[fearsomefour]

LOL....the mets....a joke in every way.

 

[Akrasian]

Well, it was a deferred payment. If they had invested the deferred money in a real investment, instead of a pyramid scheme, they would actually have profited by deferring the money they owed. Add in that their revenues are vastly higher than at the time they deferred, thanks to soaring tv revenues.

But yes, the Mets mismanaged something that should have been nice and profitable for them, and now get a yearly reminder in the press about their idiocy. Which is nice for fans of the other 29 teams.