Former Mets player receives annual $1.1M payout despite retiring in 2001
Saturday marks a notable day for fans of the New York Mets: it's the day that the team pays slugger Bobby Bonilla his annual $1.19 million paycheck.
There's a catch, though — Bonilla retired from Major League Baseball in 2001, and last played for the Mets in 1999.
Despite this, the team has been giving Bonilla a yearly salary every July 1 for more than a decade. The payouts began for Bonilla, now 60, in 2011 and will continue through 2035, when he will be 72. The deal that provides Bonilla with these checks is often cited as one of the worst — if not the worst — sports contracts in history.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The crux of the deal began in January 2000, when the Mets released Bonilla but were still on the line for his $5.9 million salary that season. The Mets' owners had invested significant funds with convicted con artist Bernie Madoff, and believed they were set to make a large profit from these moves. As a result, instead of paying out the remaining $5.9 million, "Mets ownership instead agreed to defer Bonilla's salary with 8% interest, and spread the payments across 25 years from 2011 to 2035," CBS News reported.
However, when Madoffs' $64.8 billion Ponzi scheme was uncovered in 2008, the $5.9 million ballooned to a total of $29.8 million in back payments beginning in 2011. Dividing this by the 25 years from 2011 to 2035 equals the $1.19 annual payment.
"I really think about [Bonilla] on Father's Day, because it's the father of all deferred contracts.'' Bonilla's former agent Dennis Gilbert told USA Today.
While this situation is probably the most unusual, there have been other cases of deferred payouts in baseball. Manny Ramirez, who retired in 2011, "Will collect $24.2 million total from the Red Sox through 2026," ESPN noted.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.
-
What's behind Trump's last-minute merch push?
Today's Big Question With just weeks to go before the election, Donald Trump is spending the waning days of his campaign hawking a suite of new products, from silver coins to cryptocurrency
By Rafi Schwartz, The Week US Published
-
Kamala Harris' plan to raise taxes on corporations and the wealthy
the explainer Tweaks, rather than sweeping overhauls, characterize the Democratic nominee's proposals
By David Faris Published
-
The most notable October surprises
In the Spotlight Late breaking news in October has the power to rock presidential races
By Justin Klawans, The Week US Published
-
Caitlin Clark the No. 1 pick in bullish WNBA Draft
Speed Read As expected, she went to the Indiana Fever
By Peter Weber, The Week US Published
-
South Carolina ends perfect season with NCAA title
Speed Read The women's basketball team won a victory over superstar Caitlin Clark's Iowa Hawkeyes
By Rafi Schwartz, The Week US Published
-
Iowa's Caitlin Clark breaks NCAA scoring record
speed read College basketball star Caitlin Clark set the new record in Iowa's defeat of Ohio State
By Peter Weber, The Week US Published
-
Eight-year-old Brit Bodhana Sivanandan makes chess history
Speed Read Sivanandan has been described as a 'phenomenon' by chess masters
By Sorcha Bradley, The Week UK Published
-
Watch Simone Biles win her record 8th US gymnastics championship
Speed Read
By Peter Weber Published
-
Spain beats England 1-0 to win its first Women's World Cup
Speed Read
By Justin Klawans Published
-
US knocked out of Women's World Cup in stunning exit
Speed Read
By Justin Klawans Published
-
Katie Ledecky surpasses Michael Phelps for most world championship titles
Speed Read
By Justin Klawans Published