Bobby Bonilla Day: Behind Baseball's Greatest Contract
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Bobby Bonilla, a retired MLB
Bobby Bonilla, a retired MLB player, last played in 2001. Yet, every year on July 1st, he receives $1.1 million, a payout that will continue until 2035 when he turns 72.
This unique arrangement started in 1999 when the New York Mets still owed Bonilla $5.9 million. Instead of a buyout, Bonilla's agent negotiated deferred payments with 8% interest, starting in 2011. The Mets, entangled in Bernie Madoff's Ponzi scheme, expected high returns to cover the payout but were left empty-handed when the scheme collapsed in 2008.
Now known as "Bobby Bonilla Day," this deal is considered one of the most extraordinary in sports history. It highlights the power of financial strategy, with Bonilla's agent securing his client's financial future regardless of the Mets' fortunes. Bonilla, a six-time All-Star, is now famous for this lucrative deal more than his on-field achievements.
#BobbyBonilla #MLB #BobbyBonillaDay #NewYorkMets #BernieMadoff #PonziScheme #BaseballHistory #SportsFinance #DeferredPayments #SportsHistory
This unique arrangement started in 1999 when the New York Mets still owed Bonilla $5.9 million. Instead of a buyout, Bonilla's agent negotiated deferred payments with 8% interest, starting in 2011. The Mets, entangled in Bernie Madoff's Ponzi scheme, expected high returns to cover the payout but were left empty-handed when the scheme collapsed in 2008.
Now known as "Bobby Bonilla Day," this deal is considered one of the most extraordinary in sports history. It highlights the power of financial strategy, with Bonilla's agent securing his client's financial future regardless of the Mets' fortunes. Bonilla, a six-time All-Star, is now famous for this lucrative deal more than his on-field achievements.
#BobbyBonilla #MLB #BobbyBonillaDay #NewYorkMets #BernieMadoff #PonziScheme #BaseballHistory #SportsFinance #DeferredPayments #SportsHistory
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