Happy Bobby Bonilla Day!
As a sports fan, yet alone a baseball fan, July 1st is a big day in the sports community. Why? Well, it's because Bobby Bonilla gets paid $1.19M from the Mets while having not played baseball since 2001.
Only July 1st, Bobby Bonilla collects $1.19M, well $1,193,248 to be exact, from the New York Mets thanks to an agreement between the Mets, Bonilla and Bonilla's Agent Dennis Gilbert. After a subpar performance, the Mets intended on releasing Bonilla but would have to buy out the remaining $5.9 Million remaining on his contract. So, instead of paying the $5.9M out right away to Bonilla, the Mets agreed to defer the payment and instead make annual payments, which started July 1, 2011, of $1.2M for 25 years. Oh, and that also included a negotiation of 8% interest. With that, Bonilla will be getting paid until 2035.
The reason behind the 8% interest according to ESPN was, at the time, the Mets ownership, was invested in the Bernie Madoff account, which was promised a profitable return but never happened. So while Madoff is serving a little over 150 years in prison, Bonilla is poised to make a little over $30M after all payments have been completed. Moral of the story, get your self a good agent and you to could be living like Bobby!
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