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On July 1st, 53-Year-Old Bobby Bonilla Will Collect $1.19 Million From The New York Mets
Former Major League Baseball player Bobby Bonilla is 53 years old and on every July 1st until the year 2035, the New York Mets have to pay him $1,193,248.20 million from a contract he signed back in 1999.
Due Tomorrow: Mets payment of $1.19 million to Bobby Bonilla. Will make this payment every 7/1 through 2035 pic.twitter.com/FXZ3c1Nqwq
— Darren Rovell (@darrenrovell) June 30, 2016
This Friday, 53-year old Bobby Bonilla will collect a check for $1,193,248.20 from the Mets like he has and will every July 1 from 2011-2035
— Ashok Moore (@AshokaESPN) June 29, 2016
This was part of a deal made when the Mets released Bonilla before the 2000 season while still owing him $5.9 million for the final year of his contract. The deal expires in 2035, at which point Bonilla will have been paid $29.8 million for a season in which he did not even play for the Mets.
So, how did this even happen? Via FTW:
“When they agreed to the new terms with Bonilla in 2000, the Mets’ owners believed they were receiving outrageous returns on their investment with Bernard Madoff, so the move made financial sense for the club given the information it had. Once Madoff’s Ponzi scheme became public and the Mets fell into financial ruin, Bonilla’s contract became an obvious and, to be fair, hilarious punchline. For a while in 2013, he earned more from the Mets than any of the outfielders actually on the roster. He was 50 years old.”
Bonilla hasn’t played for the New York Mets since 2000. Let that sink in.