Sign me up for the sweet deal Bobby Bonilla signed years ago with the New York Mets. Each July 1st the team has to pay Bonilla nearly $1.2 million for 25 plus 8% interest. Bonilla is now 56 years old and hasn’t played for the Mets since 1999. Bonilla gets to party like it’s 1999 till 2035 when the payments end. He last played in the majors in 2001 for the St. Louis Cardinals.
In 2000 the Mets agreed to buy out Bonilla’s contract for close to 6 million dollars. Instead of paying the lump sum the team decided to pay the money in payments through 2035. Bonilla also has another deferred contract payment through 2029 with the Mets and Baltimore Orioles which pays him $500,000 a year.
Bonilla isn’t the only Met receiving payments. Bret Saberhagen receives $250,000 a year through 2029. His contract was the inspiration for Bonilla’s deal.
When the deals were made the Mets were involved with a Bernie Madoff account that promised double digit returns over the course of the deal which didn’t payoff.