Happy Bobby Bonilla Day!!
Bobby Bonilla Day explained: Why the Mets still pay him $1.19M today and every July 1
The calendar has turned to July 1, and that means one thing: It's time for Mets fans everywhere to wish each other a Happy Bobby Bonilla Day! Why? On Thursday, 58-year-old Bobby Bonilla will collect a check for $1,193,248.20 from the New York Mets, as he has and will every July 1 from 2011 through 2035.
In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract.
However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.
At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered -- but that did not work out.
