I know the Fourth of July is around the corner, but don’t forget about the holiday that precedes it: Bobby Bonilla Pay Day! What? You don’t know about Bobby Bonilla Pay Day!?
This video from last year, sums it up quickly:
Near the end of Bonilla’s playing days, the third baseman/outfielder was owed $5.9 million, which the Mets creatively hoped to defer. So beginning back on July 1, 2011, the New York Mets agreed to pay Bobby Bonilla $1,193,248.20 every year, for 25 years (!). But that’s not it.
According to Adam Rubin at ESPN, “The agreement called for deferred payments at an 8 percent annual interest rate,” as well. At the time, the Mets ownership didn’t mind interest rate, because a “lucrative investment” with Bernie Madoff (yes, that one) was returning a far higher figure. Combined with the time value of money and boom: $1.19M every year for 25 years plus 8% interest.
Bonilla’s is probably the most unique/weirdest contracts in sports history, but at least we get a new holiday to celebrate every year! And hey, we still have 19 years to go!