$1,193,248.20 every July 1 through 2035. Kudos to Bobby and his agent.
Happy Bobby Bonilla Day
- Thread starter TheSpecialSauce
- Start date
LOL--I saw a segment on this on the CBS Sat. morning news. I was not aware of it before. Bizarre. They interviewed Bobby B and his agent, who were both basically laughing their asses off about it. The fact that the Mets made the deal based on the future returns/profit from a Bernie Madoff hedge fund they were invested in is the icing on the cake. Good for BB and Dennis Gilbert!
Bernie Madoff? Isn't that the mother of all Ponzi schemes?
More like the father I'd say.
But the point is the greedy Mets ownership thought they would actually make money on Bonilla's deferred compenstation by putting the $5.9 mill into a Madoff hedge fund for 20 years that was claiming to pay 12-15%/year. Funny stuff!
There are actually quite a few athletes that have deals like that, but for some reason the only one that people seem to fixate on is Bonilla. Maybe because he didn't have one contract like that, he actually had two.
From ESPN, here are some other deals like Bonilla's:
• Bobby Bonilla (again): A second deferred-contract plan with the Mets and Orioles pays him $500,000 a year for 25 years. Those payments began in 2004.
• Bret Saberhagen: Will receive $250,000 a year from the Mets for 25 years (payments also began in 2004; this was the inspiration for Bonilla's deal).
• Max Scherzer: Will receive $105 million total from the Nationals that will be paid out through 2028.
• Manny Ramírez: Will collect $24.2 million total from the Red Sox through 2026.
• Ken Griffey Jr.: Will receive $3.59 million from the Reds every year through 2024 as the deferral from his nine-year, $116 million deal signed in 2000.
• Todd Helton: Will get $1.3 million from the Rockies every year through 2023 as the result of $13 million deferred when he signed a two-year extension in 2010.
When you see that Griffey Jr. deal, I'm not sure why it is Bonilla's deal that captures people's interest so much.
Really, its just the overall length of it that capture's people's interest so much. 35 years is what makes it so celebratory.
It is kind of an amazing deal. His 16th year they restructured his last buyout. 5.9 million. Instead over 1.1 million for 35 years. What did it get the Mets? 1 lousy year. About 15 hits at 60 at bats. They paid him 2.5 million per hit. Basically making him over a fresh million every year for 35 years beyond his prime.
Always enjoyed that Pirates team. Bonilla was a gem the PIrates reacquired from the White Sox who then broke out into a solid player.
Later, he seemed to be influenced by Bonds, who at least at that time, was an extremely talented spoiled brat.
Van Slyke was a very good CF'er, exceptional in the field, solid at the plate. Pretty amazing how that group could even get along with their different views and personalities.
Leyland has to be given a great deal of credit in keeping that a cohesive team.
Drabek and Smiley were solid starters.
More or less bad breaks kept them from the Series.
If the Pirates had the $ to keep that group together for a couple more years, they would have made it, but alas the bottom fell out, and the rest is history. Sad, lousy history, but history nonetheless!
Later, he seemed to be influenced by Bonds, who at least at that time, was an extremely talented spoiled brat.
Van Slyke was a very good CF'er, exceptional in the field, solid at the plate. Pretty amazing how that group could even get along with their different views and personalities.
Leyland has to be given a great deal of credit in keeping that a cohesive team.
Drabek and Smiley were solid starters.
More or less bad breaks kept them from the Series.
If the Pirates had the $ to keep that group together for a couple more years, they would have made it, but alas the bottom fell out, and the rest is history. Sad, lousy history, but history nonetheless!
I guess it's hard to comprehend why people think $1 million for the years that Bonilla is collecting it for is more "egregious" than what the Reds are paying Griffey or what the Nats are paying Scherzer. But then again most people don't seem to understand the concept of interest and compounding, so I guess it shouldn't be that hard to comprehend that many people just aren't all that bright.
I mean if Griffey stretched that $3.59 million per year out over another decade (at 8% interest) how much do people think that he would be getting paid per year? A heck of a lot more than Bonilla gets, that's for sure.
I like that Mets’ new leadership is embracing Bobby Bonilla Day. Either buy out the contract or have fun with it.
If I were Cohen, I would give him one of those big checks and drive him around the warning track before throwing out the first pitch. Could use the game to unveil some black throwbacks, too.
If I were Cohen, I would give him one of those big checks and drive him around the warning track before throwing out the first pitch. Could use the game to unveil some black throwbacks, too.
I agree.
I can understand if you were the person who agreed to the original contract not wanting to call attention to it, because that reminds people that you were dumb enough to fall for what should have been easy to see was a Ponzi scheme. But a new owner who didn't have anything to do with that decision? Absolutely, have fun with it. It wasn't your "mistake".
