Bobby Bonilla's Deferred Contract: A Strange Story in MLB History
The Notorious July 1st Payday
Every year, on the peculiar date of July 1st, the New York Mets face a curious obligation: sending a hefty check worth $1.2 million to former All-Star Bobby Bonilla. This unusual financial arrangement has baffled and intrigued baseball fans for decades.
A Deferred Payday
Bobby Bonilla's $29 million contract, signed in 1991, included a unique clause that deferred his salary into a deferred payment plan. After Bonilla's release in 1999, the Mets agreed to pay him $1.19 million annually for 25 years, starting in 2011.
Bonilla's Absence from MLB
Despite not having played in the Major Leagues since 2001, Bonilla still receives his annual payment from the Mets. This ongoing financial obligation has become a running joke among baseball analysts and fans, who often refer to it as "Bobby Bonilla Day."
A Tale of Smart Negotiations
The deferred payment plan was a shrewd move by Bonilla's agent, Dennis Gilbert. By deferring his salary, Bonilla took advantage of compound interest, significantly increasing the total value of his contract. The Mets, on the other hand, gained salary cap relief in the short term and spread out the financial burden over a longer period.
A Legacy in Baseball Lore
Bobby Bonilla's deferred contract has become an enduring part of MLB history. It serves as a reminder that even after retiring from the game, a player's impact can continue to linger on. The annual $1.2 million payday has become a quirky hallmark of the baseball calendar, cementing Bonilla's name in baseball folklore.
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