It is Bobby Bonilla Day

[LambeauLegs]

A pretty nice deal he was able to work out I hope it worked okay for the Mets


Bobby Bonilla's Mets contract: Why ex-MLB star gets $1.19M annually until he's 72 years old

Bobby Bonilla's Mets contract: Why ex-MLB star gets $1.19M annually until he's 72 years old

Many New York Mets fans refer to July 1 as “Bobby Bonilla Day,” thanks to an infamous contract stipulation that requires the franchise to pay its 56-year-old former slugger more than $1.1 million per year through the year 2035.

The payments stem from an agreement the Mets and Bonilla reached to buy out his contract in 2000. At the time, the Mets, who owed Bonilla $5.9 million, agreed to pay him the money in annual installments over a 25-year period that stretches from 2011 until 2035.

When factoring in a pre-negotiated 8 percent interest rate, the Mets owe Bonilla about $1.19 million every year on July 1. Bonilla, who hasn’t played in the major leagues since the 2001 season, will keep earning money from the Mets until he’s 72 years old.

Bonilla received more money today than several active members of the Mets will receive in salary for the entire 2019 season. All-Star selections Jeff McNeil ($567K) and Pete Alonso ($555K) both earn significantly less than Bonilla.

Deferred money contracts are a relatively common arrangement in professional sports, especially baseball. Washington Nationals ace Max Scherzer, a former Cy Young winner, signed a 7-year, $210 million contract in 2015 that included $105 million in deferred money, to be paid out in installments through 2028.

A six-time All Star selection, Bonilla was considered one of baseball’s most feared hitters in his prime. But in his final stint with the Mets in 1999, he hit just .160 with 4 home runs and 18 RBIs over 60 games.

 

[The Q]

Amazing day.

Even better when you consider the Mets and orioles both pay him a separate payment as well.

 

[Tidergirl]

 

[Ojb81]

Daaaaaaaaaaaaa Mets

 

[molsaniceman]

Move over, Bobby Bonilla: The Braves have been paying Bruce Sutter for 30 years thanks to a ludicrous contract.

Before the 1985 season, the Braves signed Sutter to a six-year, $9.1 million deal, which was big money for an aging pitcher. The catch, Sutter structured his contract in a way that he'll be getting paid for the next 30 years at no less than $1.12 million per year.


“Sutter was only paid about $750,000 per year while under the Braves’ control,” Lewis wrote. “For the thirty years after he retired — 30!!! — the Braves agreed to pay him no less than $1.12 million per year, and potentially more if interest rates spiked above a negotiated floor of 12.3 percent. [They haven’t.] That ends in 2021

 

[calsnowskier]

Granted, it was a nice deal for Bonilla (8% is a nice investment), it isn’t as ridiculous as people make it out to be every year. It was essentially just Bonilla giving the Mets a loan.

I laugh every year as all the radio talking heads blow a gasket about how amazingly stupid the Mets are and how brilliant Bonilla was.

 

[ATL96Steeler]

Granted, it was a nice deal for Bonilla (8% is a nice investment), it isn’t as ridiculous as people make it out to be every year. It was essentially just Bonilla giving the Mets a loan.

I laugh every year as all the radio talking heads blow a gasket about how amazingly stupid the Mets are and how brilliant Bonilla was.

8% is pretty steep, assuming if they found a way to make more the 8% it would've been a helluva deal for the Mets.

 

[Pure Steel]

8% is pretty steep, assuming if they found a way to make more the 8% it would've been a helluva deal for the Mets.

The Mets were investing with Bernie Madoff......

 

[calsnowskier]

8% is pretty steep, assuming if they found a way to make more the 8% it would've been a helluva deal for the Mets.

Well, they certainly tried, getting involved with Madoff...

 

[PolarVortex]

A pretty nice deal he was able to work out I hope it worked okay for the Mets


Bobby Bonilla's Mets contract: Why ex-MLB star gets $1.19M annually until he's 72 years old

Bobby Bonilla's Mets contract: Why ex-MLB star gets $1.19M annually until he's 72 years old

Many New York Mets fans refer to July 1 as “Bobby Bonilla Day,” thanks to an infamous contract stipulation that requires the franchise to pay its 56-year-old former slugger more than $1.1 million per year through the year 2035.

The payments stem from an agreement the Mets and Bonilla reached to buy out his contract in 2000. At the time, the Mets, who owed Bonilla $5.9 million, agreed to pay him the money in annual installments over a 25-year period that stretches from 2011 until 2035.

When factoring in a pre-negotiated 8 percent interest rate, the Mets owe Bonilla about $1.19 million every year on July 1. Bonilla, who hasn’t played in the major leagues since the 2001 season, will keep earning money from the Mets until he’s 72 years old.

Bonilla received more money today than several active members of the Mets will receive in salary for the entire 2019 season. All-Star selections Jeff McNeil ($567K) and Pete Alonso ($555K) both earn significantly less than Bonilla.

Deferred money contracts are a relatively common arrangement in professional sports, especially baseball. Washington Nationals ace Max Scherzer, a former Cy Young winner, signed a 7-year, $210 million contract in 2015 that included $105 million in deferred money, to be paid out in installments through 2028.

A six-time All Star selection, Bonilla was considered one of baseball’s most feared hitters in his prime. But in his final stint with the Mets in 1999, he hit just .160 with 4 home runs and 18 RBIs over 60 games.

I thought every day was Bobby Bonilla day. Kudos to him for getting that contract.

 

[The Q]

8% is pretty steep, assuming if they found a way to make more the 8% it would've been a helluva deal for the Mets.

They were at the time...with madoff...

 

[ATL96Steeler]

The Mets were investing with Bernie Madoff......

Oh boy...well, they had the right idea, wrong guy!

 

[ATL96Steeler]

I thought every day was Bobby Bonilla day. Kudos to him for getting that contract.

You would think that might actually be a better deal for the player...especially in the NFL where players money doesn't always live as long as they do.

Take 50% of the contract while playing and 50% when they retire with interest.

 

[PolarVortex]

You would think that might actually be a better deal for the player...especially in the NFL where players money doesn't always live as long as they do.

Take 50% of the contract while playing and 50% when they retire with interest.

Yep. This way he won't be broke three years after he retires like Le'Veon Bell will be.

 

[The Q]

You would think that might actually be a better deal for the player...especially in the NFL where players money doesn't always live as long as they do.

Take 50% of the contract while playing and 50% when they retire with interest.

With the salary cap, is that even allowed?

 

[Chewbaccer]

Move over, Bobby Bonilla: The Braves have been paying Bruce Sutter for 30 years thanks to a ludicrous contract.

Before the 1985 season, the Braves signed Sutter to a six-year, $9.1 million deal, which was big money for an aging pitcher. The catch, Sutter structured his contract in a way that he'll be getting paid for the next 30 years at no less than $1.12 million per year.


“Sutter was only paid about $750,000 per year while under the Braves’ control,” Lewis wrote. “For the thirty years after he retired — 30!!! — the Braves agreed to pay him no less than $1.12 million per year, and potentially more if interest rates spiked above a negotiated floor of 12.3 percent. [They haven’t.] That ends in 2021

I’ve posted this numerous times, and I’m pretty sure the last payment was or either will be made this season

 

[ATL96Steeler]

With the salary cap, is that even allowed?

Probably not with a hard cap for sure.

 

[ATL96Steeler]

Yep. This way he won't be broke three years after he retires like Le'Veon Bell will be.

IDK...he apparently saved enough of the Tag contract in '17 to be able to afford to sit out '18.

But, he better sock some of this away as well...I do believe the Jets with part ways with Bell once it makes financial sense to do so, likely after the '20 season. Doubtful they will be good enough to justify a $13.5 mil cap hit from a RB.

 

[molsaniceman]

Granted, it was a nice deal for Bonilla (8% is a nice investment), it isn’t as ridiculous as people make it out to be every year. It was essentially just Bonilla giving the Mets a loan.

I laugh every year as all the radio talking heads blow a gasket about how amazingly stupid the Mets are and how brilliant Bonilla was.

just a few of other loans

• The Braves paying Bruce Sutter $1.12 million per year through 2021. He last played for the team in 1988.
• The Orioles paying Chris Davis, who was arguably given the worst contract in baseball history, $3.5 million annually from 2023 through 2032 and $1.4 million annually from 2033 through 2037
• The Reds paying Ken Griffey Jr. $3.59 million per year from 2009 through 2024
• The Orioles paying Alex Cobb $1.8 million per year from 2023 through 2032
• The Blue Jays paying Troy Tulowitzki 10 installments at 3 percent interest from 2025 through 2034 from his 2019 salary of $5 million
• The Nationals paying Stephen Strasburg $10 million per year from 2024 through 2030
• The Cardinals paying Matt Holliday $1.4 million every year from 2020 through 2029

Aside from deferments being a normal business practice in baseball, there's also the fact that the Bonilla contract being deferred freed up money for the Mets to trade for Mike Hampton, as Eric Malinowski noted for Buzzfeed in 2013.

Hampton led the Mets to the 2000 World Series and then signed with the Rockies that offseason because of their amazing school system. The compensation pick the Mets got for Hampton turned in to David Wright

 

[Dolemite censored]

A pretty nice deal he was able to work out I hope it worked okay for the Mets


Bobby Bonilla's Mets contract: Why ex-MLB star gets $1.19M annually until he's 72 years old

Bobby Bonilla's Mets contract: Why ex-MLB star gets $1.19M annually until he's 72 years old

Many New York Mets fans refer to July 1 as “Bobby Bonilla Day,” thanks to an infamous contract stipulation that requires the franchise to pay its 56-year-old former slugger more than $1.1 million per year through the year 2035.

The payments stem from an agreement the Mets and Bonilla reached to buy out his contract in 2000. At the time, the Mets, who owed Bonilla $5.9 million, agreed to pay him the money in annual installments over a 25-year period that stretches from 2011 until 2035.

When factoring in a pre-negotiated 8 percent interest rate, the Mets owe Bonilla about $1.19 million every year on July 1. Bonilla, who hasn’t played in the major leagues since the 2001 season, will keep earning money from the Mets until he’s 72 years old.

Bonilla received more money today than several active members of the Mets will receive in salary for the entire 2019 season. All-Star selections Jeff McNeil ($567K) and Pete Alonso ($555K) both earn significantly less than Bonilla.

Deferred money contracts are a relatively common arrangement in professional sports, especially baseball. Washington Nationals ace Max Scherzer, a former Cy Young winner, signed a 7-year, $210 million contract in 2015 that included $105 million in deferred money, to be paid out in installments through 2028.

A six-time All Star selection, Bonilla was considered one of baseball’s most feared hitters in his prime. But in his final stint with the Mets in 1999, he hit just .160 with 4 home runs and 18 RBIs over 60 games.

So to avoid paying him $5.9 million, they agreed to pay $30 million?

I was not following this until I read an article yesterday. This is fucking insane.