Bobby Bonilla Day: Why does New York Mets star Bobby Bonilla gets $1.2 million on July 1?
Bobby Bonilla, a former New York Mets star who retired in 2001, receives a check worth $1,193,248.20 from the Mets. This arrangement will continue until 2035 when Bonilla turns 72. The ongoing payments stem from a deferred contract buyout agreement made between Bonilla and the team in 2000, ensuring he receives a significant sum for a period of 25 years.
In a unique arrangement, the New York Mets decided to buy out Bobby Bonilla's remaining contract of $5.9 million. However, due to the team's financial situation tied to Bernie Madoff's Ponzi scheme, they agreed to make deferred payments to Bonilla. This agreement entails annual payments of approximately $1.2 million for 25 years, starting from July 1, 2011, until July 1, 2035.
As a result, each year on July 1, sports fans celebrate this unusual contract, dubbing it Bobby Bonilla Day. Despite being retired for over 20 years, Bobby Bonilla's yearly payment of $1.2 million from the Mets surpasses the earnings of several current MLB superstars. According to Spotrac, several MLB players earn less than Bonilla this year.
Read more on economictimes.indiatimes.com
