The New York Mets and Bonilla’s agent worked out a sweet arrangement in which the money Bonilla was entitled to would be postponed for 10 years and he would collect a total of $29.8 million over 25 years with the Bobby Bonilla Day back in July 2022
Bobby Bonilla thus receives a cheque from the New York Mets for around $1.2 million on July 1st each year. It will be his 12th year receiving such compensation.
The Mets won’t buy out the remaining deferred payments before 2035, when Bonilla will get his final payout from the franchise, according to Darren Rovell.
Bobby Bonilla Day Story As He Receives Fresh Contract Payment In 2022 And When Does It End
It’s about for Bobby Bonilla to accept some other sizable cheque from the Wilpons since it’s July 1.
The 59-year-old ex-slugger still enjoys the results of the Wilpon mother’s errors. The Mets are paying Bonilla $1,193,248.20 for the 12th year in a row.
From 1992 to 1995, Bonilla was a member of the Mets only after being moved to the Orioles, which also provide him a yearly salary. At the conclusion of the 1999 campaign, he made one more appearance before being let go.
Even though the team only owed him $5.9 million and counting for his retirement, they chose to postpone the remainder of his agreement until 2035 at an interest rate of 8%.
The old Mets shareholders accepted this offer without hesitation since they had been guaranteed an operating income of 10% from the fund with Bernie Madoff. Of course, the institution was a fraud, and the Wilpons discovered that a major Pyramid scheme had stolen their fortune.
But Mets fans may smile as they reflect on the Ponzi scam and Bonilla’s deal. In order to provide agreements to 2000 NLCS MVP Mike Hampton ($5.75 million) or starter baseman Derek Bell ($5 million). They postponed Bonilla’s agreement by 35 years. Hampton gave the Mets their compensation selection. They used to choose David Wright and departed a year later for Colorado as a top prospect.
The Mets’ obligations, which will total $29.8 million, initially appear absurd. It is not at all that easy, though. And the Giants benefited from the transaction.
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