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Former New York Mets slugger Bobby Bonilla may have retired in 2001, but he's still cashing in big time. Every year on July 1, Bonilla receives a whopping $1.2 million from the Mets, a deal that will continue until 2035. But why is Bonilla, now 62, still getting paid?
The answer lies in a costly mistake made by the Mets' former owner, Fred Wilpon. In 1999, Bonilla still had $5.9 million left on his contract, and the team sought a buyout. Instead of paying the amount in one lump sum, the Mets agreed to pay Bonilla nearly $1.2 million every year for 25 years, starting in 2011, with an 8% interest rate.
The deferred payment was influenced by Wilpon's investment with Bernie Madoff, who was later revealed to be running a Ponzi scheme. The Mets' owner believed he was making a sound financial decision, but ultimately, it has cost the team millions.
Bonilla will ultimately receive $29.8 million from the Mets, a deal that has become known as "Bobby Bonilla Day." While irregular, deferred payments are not uncommon in the sports world. Los Angeles Dodgers superstar Shohei Ohtani signed a 10-year, $700-million contract with deferrals of $68 million payments starting in 2034 every year until 2043.
Toronto Blue Jays pitcher Max Scherzer is also set to receive a delayed payday, with $105 million coming his way from the Washington Nationals by 2028, seven years after he was traded to the Dodgers.
Bonilla's lucrative deal serves as a cautionary tale of the importance of careful financial planning and due diligence. The Mets' mistake has cost them millions, but it has also provided Bonilla with a comfortable retirement.
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While Bonilla's deal may be an anomaly, it's a reminder that even the most seemingly sound financial decisions can have unintended consequences. As the Mets continue to pay out millions to Bonilla, they can only hope to learn from their mistake and move forward.