Baseball Home Sports

It’s Bobby Bonilla Day! Why Mets Pay Him $1.19 Million Today And Every July 1

By Austin Payne Staff Writer for Telegraph Local |Owner of  Macro Sports

July 1st is a national holiday for New York Mets fans across the world, or maybe more of a day they dread which causes them to remember the success drought the organization has endured…guess it’s a toss up.

Nets’ DeAndre Jordan Tests Positive For Coronavirus, Will Not Join Team At Disney

Today is Bobby Bonilla day, which means this is the day the Mets pay Bonilla his $1.1 million dollar annual salary, which he will continue to receive every July 1st up until 2035. Bobby is 57, by the way. 

Why? Why would they do this? How did a franchise get themselves in such a quirky and seemingly useless situation? 

Back in 2000, the Mets agreed to buy out the remainder of Bobby Bonilla’s $5.9 million dollar contract. Seems fairly simple right? I mean a cool $6 million for a Major League Baseball franchise with a billionaire owner, just a drop in the bucket. 

Well, apparently not, actually. The Mets and Bonilla instead agreed to pay him an annual salary of nearly $1.2 million annually for 25 years, including 8% interest, starting in 2011. 

Apparently at the time, the Mets were invested in a Bernie Madoff account that was forecasting double digit returns over the course of the contract, and didn’t want to pull out of it because of the significant profit at stake. 

Washington Mystics Add Alaina Coates, Shey Peddy To Roster

Despite this calculated risk, it did not pay off, and…today they’re still paying a 57 year old baseball player. 

Austin Payne
Austin Payne grew up in the north Georgia mountains before having to relocate to Valdosta in 2017. He has worked various public jobs whilst building a budding interest in marketing, philosophy, sciences, music, and a myriad of other things. An avid learner and information consumer, this all makes for a versatile writer who can cover a litany of topics. While attempting to build experience and start a couple businesses he attends college at Valdosta State University and Georgia Southwestern State university.

Leave a Reply