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Bobby bonilla...how bout mets
It's Friday, July 1, and we should be thinking about our Fourth of July weekend plans. But as baseball fans, we can't. Why? Because today is all about*Bobby Bonilla.
A man who last played 5,381 days ago owns this day. Not just this July 1, but every July 1 through 2035. It's the day when the*New York Mets*pay him $1,193,248.20.
a day crossed eyed fans pay for this crap...sports fan IQ 22.Originally Posted by nyplayer33
How does the deal actually work?
The Mets owed Bonilla $5.9 million for the 2000 season and no longer wanted him. So the club negotiated with Gilbert to attach an 8 percent annual interest rate to that money. With the clock starting in 2000, that adds up to $29.8 million. The first installment of the payout came on July 1, 2011, and the Mets will pay their sixth installment on Friday.
Why did the Mets do the deal?
The Mets have never really talked about the deal, but it is well known that their owners, the Wilpons, had many accounts with investor Bernie Madoff. Madoff was returning 12 to 15 percent a year in what we now know were fictional returns. So deferring deals wasn't a problem because the payout would occur years later and the interest rate would be lower than the money they were (fictionally) getting back from Madoff. To see the deal as the Mets would have seen it, let's say the Wilpons put $5.9 million into a Madoff account in 2000 and got a conservative (by Madoff standards) 10 percent annual return. By 2011, when they would have to pay Bonilla for the first time, they would have already grown their pot to $16.83 million. Even with paying off Bonilla every year, they would wind up with a $49 million profit on the deal. Of course, the Madoff returns weren't real, which complicates this hindsight.
The other way to think of it is that the Mets didn't have to pay Bonilla his $5.9 million in 2000 and could use it on other free agents. Sure enough, the Mets acquired Mike Hampton from the Astros right before they dumped Bonilla. Hampton's cost was conveniently $5.75 million, and his 15-10 record was good enough to help get the Mets to the World Series that year for the first time since 1986.
its not July 1
Really wasn't that bad of a deal for the Mets if you read up on it.
Just looks silly because A it's the Mets and B it's Bobby Bonilla.
And it's not even July 1, LOL. Weird thread. July 1 isn't even on a Friday this year
I was WAit is this an old thread??
Bobby Bonilla. That brings back Pirates memories for me
Never will go to a game live..ever.
What?? You wanna go as a corpse??
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