Bobby Bonilla Hasn’t Played for Over 2 Decades. Why Pay Him?


On July 1st, Mets fans wish each other Happy Bobby Bonilla Day. Why? Because on July 1st, Bobby collects a check of $1.19 million every year from 2011 to 2035.

Instead of receiving a one-time payment for $5.9 million, Bobby negotiated one of the best retirement packages in history. And what are the financial lessons for all of us? Read on.

Bobby Bonilla Day Explained


In 2000, Bobby and the management realized that they were not a great match. The Mets wanted to get substitute Bobby Bonilla. But they still owed him $5.9M on his contract.

But the Mets also needed the money to bring a new player. So instead of paying Bobby the $5.9M in 2000, the Mets agreed to defer the payment to the future.

They would make annual payments of nearly $1.2 million for 25 years starting July 1st, 2011, including a negotiated 8% interest. The Mets were confident that this was a great deal for them since, at that time, they were investing with Bernie Madoff.

Based on what I have read, the fantastic deal was put together by Bonilla’s agent, Dennis Gilbert. 

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