FLUSHING, QUEENS, N.Y. (CBSNewYork)- Happy Bobby Bonilla Day!
Today, July 1, as it has been for the last nine years and will be for the next 15, is unofficially Bobby Bonilla Day.READ MORE: 3 Teens Charged In Manhattan Subway Attacks, Police Release Video Of New Suspect Believed To Be Group's Lookout
Why, you ask?
Because today is the day that Bobby Bonilla — who hasn’t donned a Mets uniform since 1999 — receives a $1.19 million check from the Mets as a part of the (brilliant) deal that his agent made with the team. The way the deal is structured, Bonilla will continue to be paid $1.19 million until 2035, at which point he will have been paid out the entirety of his multi-million dollar deal.
Here’s the scoop on how the deal works, courtesy of Dan Mullen at ESPN.
“In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla’s contract.READ MORE: Armed Suspects Impersonated Police, Handcuffed Women During Alleged Bronx Home Invasion, NYPD Says
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, and the Mets were poised to make a significant profit if the Madoff account delivered — but that did not work out.”
The Madoff account of course, did not deliver, leaving the Wilpons in a financial bind. Regardless, Bonilla’s deferred contract isn’t the only one in Major League Baseball, in fact, they have become more popular in recent years. Mullen notes that Bonilla actually has a second deferred contract from the Mets and Orioles that pays him $500,000 a year for 25 years beginning in 2004.
The franchise also agreed to a deferred contract plan with pitcher Bret Saberhagen that began in 2004 and pays the pitcher $250,000 every year for 25 years.
Other franchises have deferred contract plans as well with the Washington Nationals set to pay pitcher Max Scherzer $105 million in deferred payments through 2028 and the Boston Red Sox paying Manny Ramirez $24.2 million total through 2026.MORE NEWS: Thomas Valva Case: Ex-NYPD Officer Michael Valva, Former Fiancée Angela Pollina Appear In Court For Pre-Trial Hearing
So, another Bobby Bonilla day is here, with the countdown until the deferred payment plan is up now sitting at 15 years.