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Each July 1, six-time Major League Baseball All-Star Bobby Bonilla gets $1.19M from the New York Mets, thanks to a 25-year-long deferred payment agreement.

Findings

Additional insights we found via ESPN

  1. Bonilla played for the Mets twice, once from 1992 and 1995, and then again in 1999. However, Bonilla’s victory lap with the team was plagued by a tense relationship with management and a poor batting record.

  2. In January 2000, the Mets agreed to buy Bonilla out of his nearly $6M contract—freeing him to play for the Atlanta Braves in the 2000 MLB season.

  3. The Mets owners, who were invested in Bernie Madoff’s infamous Ponzi scheme, expected to receive millions from the Madoff investment, so they put more money into the scheme, rather than giving Bonilla a lump sum payment of $6M.

  4. Bonilla agreed to a deferred payment, which started in 2011 and will run through 2035, for the full sum and 8% interest.

  5. Each year, he gets just over $1.19M and will collect nearly $30M by the end of the payment period.

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