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It's Bobby Bonilla Day! Why Mets pay him $1.19 million today and every July 1

entremet

entremet

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www.espn.com

Here's why the Mets still pay Bobby Bonilla $1.19 million today ... and every July 1 through 2035

Bobby Bo hasn't called Queens home since 1999, but today he'll receive a hefty check from his former employer. Here's what you need to know about Bonilla's unusual annual payday.
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For those unaware, Bobby Bonilla hasn't played a game of baseball for 18 years lol. He decided to set up his contact in deferred payments until 2035. Total Contract Value is 25 million.

Pretty smart move. What's great about this that hopefully, age will bring wisdom in terms of spending the money. Pro athletes are notoriously known for going broke.

Allen Iverson has a similar setup but with a trust. It's with Reebok and will pay out 32 million when he hits 55 years old.
 
TheOther

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Jan 10, 2019
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This Bobby Bonilla Day shit is annoying as a Mets fan.

He wasn't even the first player to get this type of deferral.

Hell, the Washington Nationals have been handing out deferrals with every big contract for years.

Sorry.. I hate July 1st. šŸ˜”
 

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However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.
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Damn, he even got a good interest rate too.
 
Maxim726x

Maxim726x

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Oct 27, 2017
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TheOtherSarah said:
This Bobby Bonilla Day shit is annoying as a Mets fan.

He wasn't even the first player to get this type of deferral.

Hell, the Washington Nationals have been handing out deferrals with every big contract for years.

Sorry.. I hate July 1st. šŸ˜”
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Not a 25 year deferral, to be fair.

And, obligatory: fuck the Wilpons. Can't wait for them to sell the team.
 
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OP
entremet

entremet

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TheOtherSarah said:
This Bobby Bonilla Day shit is annoying as a Mets fan.

He wasn't even the first player to get this type of deferral.

Hell, the Washington Nationals have been handing out deferrals with every big contract for years.

Sorry.. I hate July 1st. šŸ˜”
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LOL.

I know the Mets get a lot of crap for that contract lol. It's not even that bad of contract for baseball standards.

I'm surprised it is not more common in other leagues.
 
Lobster Roll

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Every single time this story comes up, I forget just how far back that deferred payments date is ... 2035 lol ... what an amazing annual check to receive.
 
El_TigroX

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Everyone always forgets... he get another $500,000 annually from the Orioles too - incredible deal... just unreal.

Especially when you dig in on the Mets and see the thinking behind why they did it... at the time they were getting something like 30% annual return on an investment they made with (DRUM ROLL) Bernie Madoff... so they thought they would make more than enough back to make the difference worth it.
 
Mortemis

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MLB owners and front offices are dumb like this.

The reds are still paying Griffey 3+ million a year.
 
SupremeWu

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However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.

Wow those are like predatory loan terms, like at a shady auto dealer or furniture rental place or something
 
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entremet

entremet

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Maxim726x said:
Not a 25 year deferral, to be fair.

And, obligatory: fuck the Wilpons. Can't wait for them to sell the team.
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AROD and JLo may buy the Mets lol.

El_TigroX said:
Everyone always forgets... he get another $500,000 annually from the Orioles too - incredible deal... just unreal.

Especially when you dig in on the Mets and see the thinking behind why they did it... at the time they were getting something like 30% annual return on an investment they made with (DRUM ROLL) Bernie Madoff... so they thought they would make more than enough back to make the difference worth it.
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Amazing lol.
 
Quality Garbage

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Mortemis said:
MLB owners and front offices are dumb like this.

The reds are still paying Griffey 3+ million a year.
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It's actually quite smart. The value of the dollar has decreased and the value of franchises skyrocketed with revenue in the last 20. Paying a couple players well below future league averages decades later then well above the average in the moment is smart business in sports..

If you go back and look at the salary and revenue projections in the mid 90s after the strike for the next 20 years they are well below the actual numbers today. Baseball grew more then the projections estimated due to cable and local media deals which makes these deferred contracts very cheap today where 25 years ago they were extremely expensive to the organization.
 
Lobster Roll

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Like Bobby Bonilla cashing a $1.2 million dollar check at the bank on July 1, I've been given the green light to bump this one-year-old thread. Perhaps my favorite Venn diagram of sports oddity and the power of interest / passive income.

My friends and I briefly discussed this and we all agreed that were we Bobby Bonilla ... we would make our friends take us out to dinner on June 30 every year to make the Dad joke "don't worry, I get paid tomorrow, I'll get you back". Also, obligatory lol Mets.
 
Newlib

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Oct 25, 2017
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Happy Bobby Bonilla Day Everyone!

I hope you all have someone who looks out for your interests like Bobby Bonilla's agent looked out for his.
 

HylianMaster2020

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One thing about athletes is they don't know how to spend money you need paychecks in your post athletic life. I was just informed of "Bobby Bonilla Day" so glad it's a thing.
 
hom3land

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Oct 27, 2017
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Shoutout to a member of the Pirates Killer B's. Its crazy those teams never won it all.
 

ryodi

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There's an excellent Planet Money episode on this contract

www.npr.org

Bobby Bonilla Day : Planet Money

How the worst deal in baseball explains one of the most important concepts in economics. | Subscribe to our weekly newsletter here.
www.npr.org www.npr.org
 
Lobster Roll

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Dysun said:
The Wilpons finally sold the team and we still got Bobby B jokes. Some things don't change
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The jokes are gonna be there until 2035 at a minimum lol. Maybe last until 2045 with people recalling the contract in little one-off comments.
ryodi said:
There's an excellent Planet Money episode on this contract

www.npr.org

Bobby Bonilla Day : Planet Money

How the worst deal in baseball explains one of the most important concepts in economics. | Subscribe to our weekly newsletter here.
www.npr.org www.npr.org
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Good call, I'll give that a listen.
 
bionic77

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HylianMaster2020 said:
One thing about athletes is they don't know how to spend money you need paychecks in your post athletic life. I was just informed of "Bobby Bonilla Day" so glad it's a thing.
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I think that is pretty unfair.

I know a lot of well off and educated people that also don't know how to spend there money. And for every broke ass athlete there is one that was really smart with his or her money.

The difference with athletes is most of them come into insane amounts of money in their 20s. That is a tough age to expect someone to handle that much money, attention, etc. well. It is kind of amazing to me how well NBA players handle it. I guarantee very few of us internet known it alls could handle it as well as they do.
 
Kamek

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Mets Twitter was teasin something for today. Thoguht they'd just pay it out in full and end it once and for all
 
Lobster Roll

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bionic77 said:
I think that is pretty unfair.

I know a lot of well off and educated people that also don't know how to spend there money. And for every broke ass athlete there is one that was really smart with his or her money.

The difference with athletes is most of them come into insane amounts of money in their 20s. That is a tough age to expect someone to handle that much money, attention, etc. well. It is kind of amazing to me how well NBA players handle it. I guarantee very few of us internet known it alls could handle it as well as they do.
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I can't even begin to imagine how I would have handled the transition of freshman ball -> varsity / AAU -> D1 college scholarship at a one-and-done -> NBA rookie contract. The entire thing has got to be a whirlwind for these young athletes where their entire life is hoops hoops hoops hoops hoops and then you're a multi-millionaire at 22 and your entire social circle owns mansions and fancy cars.
 

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bionic77 said:
And for every broke ass athlete there is one that was really smart with his or her money.
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Really depends on the sport/league but more retired NFL and NBA athletes file for bankruptcy than not (like 60-80% depending on the league and the year from which you get the statistics). It has to be absolutely maddening to be a financial advisor for a lot of these guys. Well paid, of course, but maddening nonetheless.
 
Big-E

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Also I believe the 8% figure was seen as not high as Wilpon was fully in on Madoff and was getting the "better" returns.
 

MasterChumly

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The reality is that the most ridiculous part is he got a GUARANTEED 8% interest rate which is crazy to be guaranteed
 

Deleted member 22750

Oct 28, 2017
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I'll never forget the Bonds Bonilla days here in Pittsburgh. I was only 10 but it was fun to go to 3 rivers and watch them.

Best time I had as a pirates fan. My god they have been so awful so long.

The braves destroyed my soul. Fuck Sid bream.
 
Juryvicious

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Oct 28, 2017
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Happy Bobby Bonilla anniversary everyone

Good for Bobby, and good for any player who is this forward thinking, in their favor.
 
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