Bobby Bonilla celebrates on July 1st every year because he collects a paycheck from the Mets. Nevermind that he’s been out of baseball since 2001, but from 2011 through 2035, Bonilla will collect a cool $1,193,248.20 from the Mets.
How did this happen?
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.
Bonilla turned 52 in February. He’s probably going to get asked about this deal every June/July for the next 21 years. If you don’t feel like doing the math: The Mets owned Bonilla $5.9 when the released him in 2000. The clowns in the front office botched the deal and the club will end up paying him about $29.8 million for not playing with the team.