Every July 1st, families get ready for the 4th of July, spending time at the beach and other summer activities. In Flushing, Queens, the day is reserved for one person only- Bobby Bonilla.
That’s right. Today, July 1st, is Bobby Bonilla Day, the day when the former Mets player gets his annual $1,193,248.20 check from the team as part of his buyout deal.
Bonilla was a 4x All-Star with the Pirates and signed with the Mets in 1992. Unfortunately, he couldn’t duplicate the same success, making only one All-Star team in his three years in Queens (1992 – 1994). After leaving, he bounced around the league and returned to the team in 1999, playing in only 60 games and doing almost nothing (BA .160).
In 2000, the Mets agreed to buy out Bonilla’s remaining contract. But instead of paying him the $5.9 upfront, the team agreed to make annual payments of $1.19 million every year for 25 years starting on July 1st, 2011. That amount also includes 8% interest.
Why would the organization agree to this type of deal?
At the time, many were feeling the ripple effects of the Bernie Madoff scandal, including the Mets, which had invested in an account with the massive schemer. When his fraudulent business was exposed, Mets’ ownership, which had been promised double-digit returns from their investment, took a loss. That meant the team took one as well, which is why they had to orchestrate this unique deal with Bonilla.
Today, July 1st, 2024, Bonilla, now 61, gets his latest $1.19 million check, his 14th overall, which equates to $16,705,474.80. That means he only has 11 years and $11,932,482 million to go.
Oh, and let’s not forget that the Baltimore Orioles, who he played two seasons with, also owe him money from a deferred contract he had with the team. That adds another $500,000 a year from 2004 to 2029.
Happy Bobby Bonilla Day!
