-
-
The Mets and Bonilla’s agents structured a deal that deferred the remainder of his contract over a 25-year period, from 2011 until 2035, with 8% interest raises every year.
At the time, Mets ownership was famously locked into investment partnerships with notorious Ponzi schemer Bernie Madoff, which they were promised would deliver double-digits returns. With that in mind, Mets ownership reportedly believed deferring Bonilla’s contract was the more financially viable option for the team at the time. The Madoff money never came, of course, and the Mets were wrong.
Comment -
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">July 1 ➡️ another Bobby Bonilla pay day! <br><br>He's on the Mets' payroll for another 13 years �� <a href="https://t.co/PWmZNEcwas">pic.twitter.com/PWmZNEcwas</a></p>— SportsCenter (@SportsCenter) <a href="https://twitter.com/SportsCenter/status/1542883739398799362?ref_src=twsrc%5Etfw" >July 1, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Comment -
Good work Nash. I always enjoy these yearly updates hard to believeComment -
I hope he lives until 72... stupid Mets.
Comment -
Chris Davis and Ichiro have similar deals. I think Ichiro is still the highest paid outfielder for the Mariners.
Man, that Chris Davis contract.
Comment -
i wonder what bonilla does on this dayComment -
Was this a good deal though? Is a $1 million in 2022 worth the same as in 2000 when he was playing?
What if he bought Amazon and Apple stock with cash in 2000 instead? He would have made much more.Comment -
Attend the Mets game and pick up his paycheck.Originally posted by pologq
Comment -
GOAT contractComment -
Actually, the best sports contract was with Spirits of St. Louis (former ABA team).Originally posted by 209 Life
Comment -
I think the 8% interest rate increase yearly seals the deal.Originally posted by pavyracer
He could have picked a great stock or a bad one. An 8% increase return since 2000 is difficult to beat!Comment -
like i wonder if he has a little extra pep in his step, smiles all day lolOriginally posted by HeadsterxAttend the Mets game and pick up his paycheck.
Comment -
He is busy writing checks to repay the ************ he still had to use because somewhere along the line he mismanaged his million a year. He is not debt free. He is probably saying to himself, well I have 590,000.00 left until July 1, 2023. I hope this year I do not rip through it again by December.Originally posted by pologqComment -
Thanks man, I aim to please.Originally posted by pablo222
It's who I am, it's what I do.Comment -
Anyone could say this though.Originally posted by pavyracer
What if he bought Amazon in 2000, then cashed it out for BTC in 2011 he’d be the richest man to ever liveComment -
Then why do people that win the lottery take the lump sum instead of the annual payments? This is what Bonilla did. He refused the lump sum and took annual payments. All financial advisors say it is better to take the lump sum payment and invest the money. It has greater rate of return.Originally posted by BigJayComment -
Taking into account so many athletes end up broke I’d say it was a pretty good contract. Set himself up for lifeComment -
Amazin' contract from the Amazin' MetsComment -
I don't know if you were joking or not but they have shown him in the stands attending the game on this day beforeOriginally posted by HeadsterxAttend the Mets game and pick up his paycheck.
Comment -
Not if you get an 8% annual interest rate increase! If it is a compounded deal, he made the correct choice, by far!Originally posted by pavyracer
The payments started in 2004 from the Orioles and 2011 from the Mets. The current tally? He’s made $23,818,976 so far.
The Baltimore payments stop in 2028, and the Mets’ in 2035. He’ll earn $18,512,224 by then, for a total of $42,331,200.
Even though the team only owed him $5.9 million and counting for his retirement, they chose to postpone the remainder of his agreement until 2035 at an interest rate of 8%.Comment -
It's also Bret Saberhagen day. He doesn't get the cool milly but he gets 250k until 2028. Pretty sweet deal imoComment -
Comment
