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July 1

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sports6 months ago

Bobby Bonilla's Deferred Contract Continues to Pay Off for Mets

Bobby Bonilla, a former Mets player, receives $1.19 million every July 1 until 2035 due to a deferred payment deal made in 1999, which has become a celebrated event among Mets fans known as 'Bobby Bonilla Day.' The deal, originally linked to Bonilla's departure from the team, is notable for its long-term payments and the team's embrace of the annual occasion.

sports2 years ago

The Legacy of Bobby Bonilla Day: A Baseball Trendsetter Still Collecting Big Money

On July 1, the New York Mets continue to pay former MLB All-Star Bobby Bonilla over $1.19 million as part of a deferred salary arrangement that will last until 2035. The Mets signed Bonilla to a five-year contract in 1991, but after being traded away, they released him in 2000. Believing they would profit from investments with Bernie Madoff, the Mets agreed to defer Bonilla's salary with 8% interest. However, Madoff's Ponzi scheme collapsed, causing Bonilla's $5.9 million salary to swell to $29.8 million. Bonilla's deferred salary with the Mets is the most famous July 1 payment in baseball, and he also has a second deferred salary agreement with the Baltimore Orioles. Other notable deferred salary plans include Ken Griffey Jr., Manny Ramirez, Matt Holliday, Chris Davis, Bret Saberhagen, Rafael Devers, Rafael Soriano, Max Scherzer, and Stephen Strasburg.