Happy Bobby Bonilla Payday! $1.19 million every July 1. Bobby is 57

Discussion in 'The Dawgchat' started by JohnnyBeeDawg, Jul 1, 2020 at 7:18 AM.

  1. JohnnyBeeDawg

    JohnnyBeeDawg Circle of Honor
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    Mets, the dumbest financial minds in baseball!

    In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract.

    However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.

    At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns over the course of the deal, and the Mets were poised to make a significant profit if the Madoff account delivered. It did not.

    How rare is this arrangement?

    Bonilla last played for the Mets in 1999 and last played in the majors for the Cardinals in 2001, but he will be paid through 2035 (when he'll be 72).

    • Bobby Bonilla (again): A second deferred-contract plan with the Mets and Orioles pays him $500,000 a year for 25 years. Those payments began in 2004.
     
  2. 911DAWG

    911DAWG Letterman
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    You must be his broker! 65
     
  3. redclayhound

    redclayhound Letterman
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    Money has killed Pro Sports for me......College Sports are on that same track......Having said money money money is the culprit, there is also a bit of stupidity involved too........
     
  4. JudgeLarryDawg

    JudgeLarryDawg War Daddy
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