Hey Mets Fans…Happy Bobby Bonilla Day
It is one of the craziest and talked about sports contracts in the history of sports.
I'm talking about the contract former New York Mets player, Bobby Bonilla signed during his time with the organization.
Bobby Bonilla has not played with the New York Mets since 1999, yet they still pay him $1.19 million dollars a year on July 1st starting 2011 and running until 2035.
Back in 2000, Bobby Bonilla was still owed $5.9 million on his contract, but the New York Mets didn't want to pay it in full at the time. They "deferred" his contract until 2011 where they didn't have to pay him again until 2011.
The Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.
Why would they do such a deal you ask? Mostly because of Bernie Madoff. The Mets invested in him and were planning on receiving huge returns, but we all know how that story turned out...right?
So...for the next fifteen years, until 2035, the New York Mets write a check to Bobby Bonilla in the amount of $1,193,248.20 every July 1st!
Happy Bobby Bonilla Day to you and yours!!