Bobby Bonilla was a top name on the Major League Baseball (MLB) grounds from 1986 to 2001.
Aside from his impressive games, it is his amusing deal with the New York Mets that makes headlines every year to this date.
Although the pitcher left the sport in 2001, he still collects $1.19 million from the Mets every July 1. The news leaves the public amazed every year while the retired Bonilla enjoys every bit of it.
Why Does Bobby Bonilla Get Paid Till 2035?
Bobby Bonilla will have earned a total of $29.8 million by July 1, 2035, per his deal with the Mets in the year 2000.
To be precise, he had initially signed a five-year contract with the Mets at $29 million on December 2, 1991. That deal made him the highest-paid player in the National League from 1992 to 1994.
KXAN breaks down Bonilla’s case of being paid till 2035 as somewhat a lucky deal as the Mets fell under the Ponzi scheme of Bernie Madoff.
In 2000, the Mets agreed to buy out Bonilla’s contract, negotiating to defer payment of the remaining $5.9 million at 8% interest until 2011.
According to ESPN, the then-owners of the Mets believed their money could be used better by investing with Bernie Madoff.
However, that did not happen, and the Mets continue to pay Bonilla yearly. Thus, the star of his era will enjoy getting more than $1 million till he turns 72 years old in 20135.
Bobby Bonilla’s Mets Contract For $1.19 Million Payable Every July 1st
Bobby Bonilla receives a hefty cheque of $1.19 million every July 1, creating international headlines.
The baseball fanbase has marked the day as “Bobby Bonilla Day.” After signing with the Mets, Bobby had spent the first three and a half seasons of the contract with the Mets before being traded to the Florida Marlins.
He was released in January 2000 but still had to be paid his $5.9 million salaries for that season.
While the Mets fell over Madoff’s money trap, the Mets salary deferring deal with Bobby spread over 25 years from 2011 to 2035.
Hence, the deferred payments ended up totaling up to $29.8 million, the exact amount on which Bobby was hired. On the other hand, Bonilla is not the only one enjoying the deferred payments.
Top-notch names such as Ken Griffey Jr. receive $3.59 million per year from a $112.5 million deal with the Cinncinati Reds. His deal started in 2009 and will end in 2024.
CBS has listed some other high-profile baseball players’ names under such cases.
What Happened To Bobby Bonilla And When Did He Retire?
Bobby Bonilla retired in the 2001 season due to serious injuries. At that time, he was signed under St. Louis Cardinals but did not play much as injuries plagued his body.
The famed pitcher played his last game on October 7, 2001, finishing the season with a .213 average, 37 hits, five home runs, and 21 runs.
Later, Bonilla cited his retirement decision was due to “injuries and reduced playing time.”
While he mainly garners notability for his deferred payment settlement with the Mets, ABC 7 confirms that Bonilla also has a second deferred-contract plan.
It is again with the Mets and Baltimore Orioles that is set at $500,000 a year for 25 years that started from 2004.
This MLB star player is settled for life as he gets paid till his old age though it has been more than two decades since his retirement.