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The Legendary Bobby Bonilla Contract and Why He's Paid So Much

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    I didn't know this, but July 1st is the called Bobby Bonilla Day to Mets fans. Why is it called this? Well, every July 1st Bobby Bonilla, a former Mets player who hasn't played with the club since 1999 is cut a check for $1,193,248.20. This has been going on since 2011, and will continue until 2035, when he will be 72 years old. So what makes this story so interesting, and why is he getting paid so much, even in retirement?

    Many MLB players have had deferred salaries over the past decades, but not as legendary as that of Bobby Bonilla, who had signed a contract with the New York Mets in 1991, which was the largest in baseball history at the time. At the time, he was huge. He had four teams wanting him, offering him $25 million in free agency. The Mets kept him for 3.5 years, and then he was traded to the Orioles with the two final years of his salary deferred. He came back to the Mets in 1999, but was released a year after. He was still owed $5.9 in 2000. INstead of buying Bonilla's contract out, they agreed to make annual payments instead, with interest.

    This is where it gets interesting. The Mets needed to free up some cash, and they decided they would finance the payments through investments with none other than Bernie Madoff himself. As everyone knows, Bernie Madoff, was sentenced to 150 years in prison for running the world's largest Ponzi scheme that was worth over $64 billion. The Mets were poised to make a significant profit off of the investments, but that never happened. They agreed to defer Bonilla's payments to $1.2 million a year, at an 8% interest rate, starting July 1,2011.

    "The only ones needing to worry will be the new owners of the Mets, with seven groups of investors interested in purchasing the team from the Wilpon family.

    Let them cringe knowing that Bonilla will be paid nearly five times the amount of star Pete Alonso, who set a rookie record with 53 homers last year, and will be paid $241,674 in his prorated deal."

    The only ones needing to worry will be the new owners of the Mets, with seven groups of investors interested in purchasing the team from the Wilpon family.

    Let them cringe knowing that Bonilla will be paid nearly five times the amount of star Pete Alonso, who set a rookie record with 53 homers last year, and will be paid $241,674 in his prorated deal."

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    That's amazing. Craziest story I have ever heard about contract payouts after retirement, for any sport. He just feel like a lucky genius.
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    joetemple Wrote: That's amazing. Craziest story I have ever heard about contract payouts after retirement, for any sport. He just feel like a lucky genius.
    True, but he also has one heck of an agent as well.