Happy July 1 To Those WHO CELEBRATE
Here's Why The New York Mets Still Have To Pay Bobby Bonilla $1.19M On July 1 For The Next 13 Years
Over two decades ago, baseball player Bobby Bonilla ended up taking a unique contract buyout that ended up working quite well for him.
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The Lede
Bobby Bonilla last played in the majors in 2001. But thanks to a contract buyout from the Mets in 2000, he now gets paid $1.19M on every July 1st, and will until 2035.
Key Details
- Bobby Bonilla will receive a $1,193,248.20 check from the New York Mets on July 1 this year, and on each July 1st for the next 13 years, until he turns 72.
- After getting traded away, Bonilla returned to the Mets and was cut in Jan 2000. He was owed $5.9M in salary that season.
- The Mets decided to defer his payments across 25 years (2011-2035) with an added eight percent interest after investing in a Bernie Madoff scheme. The scheme fell apart and Bonilla's $5.9M grew to $29.8M by 2011.
