Bobby Bonilla, a retired baseball player, is set to receive an annual paycheck from the New York Mets for the next 25 years. This was agreed upon in 1999 when the Mets bought out his contract for $5.9 million. The agreement states that Bonilla will receive an annual payment of $1.19 million starting in 2011 and continuing until 2035. This is one of the most unique contracts in sports history and has been widely discussed in the media since it was announced. It highlights how teams can use creative solutions to manage their payrolls and shows that even long after retirement, athletes can still benefit from their time on the field.
Like every player on the New York Mets, Bobby Bonilla receives a large paycheck every July for their services on the diamond. Only difference here? Bobby Bonilla doesn’t play for the Mets and hasn’t given them his services in decades.
Happy Bobby Bonilla Day!
Bobby gets his 12th installment of $1,193,248.20 today.
The Mets have so far paid him $14,318,978.40 for him to NOT PLAY the 2000 season.
There is 13 years and $15,512,221.60 left.
There have been no discussions to buy him out early.
— Darren Rovell (@darrenrovell) July 1, 2022
Every July 1, the Mets pay a 55-year-old retired player of theirs a whopping $1,193,248 due to the more infamously, arguably greatest sports contract ever negotiated. New York Mets To Pay Retired Bobby Bonilla $1.19 today
New revelation from Bobby Bonilla: Before the 2000 season, the Mets tried to convince him to retire so they didn’t have to pay him $5.9 million. He said no. That turned into $29.8 million. https://t.co/H5Imp4yp72
— Darren Rovell (@darrenrovell) July 1, 2022
The deal originated from the Mets owing Bonilla $5.9 million for the 2000 season, but instead of paying the slugger that money, the team negotiated with his agent to pay him later, attaching an 8 percent annual interest rate to deferred money. The first payout of the money came on July 1, 2011, and the Mets have been paying the same amount every July 1 since, and will until the year 2035, meaning that original $5.9 million turned into $29.8 million for Bonilla.
Bobby Bonilla, a retired baseball player, is set to receive an annual paycheck from the New York Mets for the next 25 years. This was agreed upon in 1999 when the Mets bought out his contract for $5.9 million. The agreement states that Bonilla will receive an annual payment of $1.19 million starting in 2011 and continuing until 2035. This is one of the most unique contracts in sports history and has been widely discussed in the media since it was announced. It highlights how teams can use creative solutions to manage their payrolls and shows that even long after retirement, athletes can still benefit from their time on the field and hope you enjoy to read New York Mets To Pay Retired Bobby Bonilla $1.19.
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