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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 Friday, 59-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.
Because of baseball’s salary structure, Bonilla’s annual payday is often more than some of the game’s current young stars will make in a given year — and this season that even includes the salary of one of the sport’s biggest sluggers and some potential 2022 All-Stars.
But the Mets are not alone in the practice of handing out deferred payments to star players long after they last suited up for the team, with former MVPs and Cy Young winners among the notable names still collecting annual paychecks from their previous employers.
Here is everything you need to know about Bonilla’s payday, deferred money in MLB and the current players making less for the 2022 season than Bobby Bo will receive from the Mets on Friday.
So why does Bonilla get this payday?
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.
Under new owner Steve Cohen, who mentioned the possibility of celebrating Bonilla at Citi Field annually soon after taking over the team, the Mets are embracing Bonilla’s day.
I hope everybody is enjoying my favorite day of the year , Bobby Bonilla Day
— Steven Cohen (@StevenACohen2) July 1, 2022
How rare is this arrangement?
Bonilla last played for the Mets in 1999 and last played in the majors for the Cardinals in 2001,…
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Source : espn
