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Mets Will Pay Bonilla $1.2 Million A Year Until 2035
Instead of paying Bonilla $5.9 million in 2000, the Mets decided to negotiate a deal with Bobby that will pay him $1.2 million for the next 25 years.
The Mets invested the $5.9 million with Madoff hoping to make $70 million over the same period of time.
and he smiling all the way to the bank.what a hell of a pension plan
Smart thinking by Bonilla and his agent Steve Gilbert.
Gilbert said he was shocked that the Mets went for the deal, but understood why after the whole Madoff thing blew up.
Steve Young is still getting paid by the USFL likewise.
Originally Posted by 5teamparlay
Send the bill to Bernie Madoff.
good for him...perfect timing.
Baseball athletes generally know how to manage money much more so than NFL and NBA especially.
I've always thought smarter black people choose baseball... the fact you won't see Ken Griffey Jr, Barry Bonds, Tony Gwynn, etc. go broke proves my point.
this is a very old story. Why are you bring it up now?
It was a terrible decision by the Mets and they pay for it every year.
The awful contract they gave Bonilla was compounded by this decision to give him an annuity for life.
wow thats some crazy stuff
Only bringing up because 1) It's an interesting story, and 2) I got my tires rotated today and this story was in the ESPN The Magazine sitting on the table.
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It's basically been a running joke for people who like to bash the Mets. They've made a lot of bad signings, and this one especially hangs around because they're still paying him. "Did you know the Mets are still paying Bobby Bonilla? hahahaha"
Reminder of one of the worst contracts they've handed out. The original contract might not seem so outrageous now, but it was at the time because it was significant money.
Bonilla made out like a bandit
its like lottery annuity payments. lucky fukk.
Where is the GM who made this deal? He needs to be front and center, not the agent and player. If you want to pay me 1 million dollars to dig holes, whose fault is that? Definitely not mine, I'm taking the money and digging the holes, and I'm not going to have the payer admitted to the psyche ward either.
madoff ****** over a lot of people but i gotta give him some credit for having the biggest balls ever...
If played right not too bad for Mets and Bonilla is the fool.
6 million invested for 12 years at say 7% is 13.8 million.
7% return on that is close to a million a year...
At the end the mets still have 13.8 million YAY!!!!
Or it could have been done to a point where the it got paid down to 0 from the 13.8 with returns....
** more athletes should do this and just live off endorsement or past earnings...
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