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Why NY Mets pay former player $1.19 million every year

Published

4 months ago

July 2, 2024

New York Mets right fielder Bobby Bonilla at the plate against the Florida Marlins at Dolphin Stadium during the 1999 season. Mandatory Credit: RVR Photos-USA TODAY Sports

Bobby Bonilla has not performed for the New York Mets in 25 years, however the 61-year-old former third baseman and outfielder is gathering one other paycheck on Monday.

July 1 is an anniversary of types for the Mets. It is Bobby Bonilla Day, after all.

Bonilla will obtain one other $1.19 million from the group as a part of a contract settlement made between the participant and the Mets again in 2000.

So who’s Bonilla, and why do the Mets proceed to pay him every year? Let’s break it down:

Who’s Bonny Bonilla?

Bonilla spent 16 seasons in Main League Baseball, starting with the White Sox in 1986 earlier than his greatest seasons of his profession with the Pirates between 1986-91.

Throughout that point, he earned 4 of his six All-Star choices and twice completed within the top-3 in Nationwide League MVP voting. Arguably his greatest season got here in 1990 when he slashed .280/.322/.518 with 32 dwelling runs, 120 RBI and 112 runs.

These sturdy seasons led the Mets to ink Bonilla to a five-year, $29 million contract in 1991 — then the richest contract in franchise historical past. Bonilla earned two All-Star choices as a member of the Mets, together with 1994 when he completed with 34 dwelling runs and 87 RBI.

Bonilla was traded to the Orioles in July 1995 and bounced between six groups, together with a World Sequence title with the Marlins in 1997 and a visit again to the Mets in 1999, in the course of the remaining six seasons of his profession.

Why do Mets pay Bobby Bonilla yearly?

After Bonilla’s return to the Mets in 1999, the group labored out a deal the place they’d defer the cost of $5.9 million owed to him with 8 p.c curiosity over the course of 25 years between 2011-35.

Then-Mets proprietor Fred Wilpon hoped that investments made with Bernie Madoff would assist cowl these prices 12 months over 12 months. However the group’s funds have been wrapped up in Madoff’s Ponzi scheme and the worth of that contract swelled to $29.8 million to be paid throughout 25 years, or $1.19 million.

What different gamers have deferred funds in MLB?

Bonilla’s contract is among the most well-known deferred-money contracts in baseball, however it’s not the one one.

Earlier than this season when Shohei Ohtani signed his document $700 million contract with the Dodgers, he agreed to defer 97 p.c of the worth, deferring all however $2 million yearly. Meaning he will probably be paid the remaining $680 million of his deal (with out curiosity) between 2034-43.