Bobby Bonilla Day: The Mets' Unique $1.19 Million Annual Payment
Every July 1, the sports community pauses to recognize Bobby Bonilla Day, a celebration of an unconventional financial arrangement that sees the New York Mets pay the former All-Star outfielder $1,193,248.20. This annual payment continues until 2035, marking a remarkable chapter in sports contract history.
Bonilla's journey to this lucrative retirement plan began with a record-setting five-year, $29 million contract signed in December 1991. His time with the Mets was marked by two separate stints, the first ending in 1995 when he was traded to the Baltimore Orioles after a strong season where he batted .325 with 18 home runs.
After a brief tenure with the Orioles and a subsequent move to the Florida Marlins, Bonilla found himself back with the Mets in 1999. At that point, he had two years and $11.65 million remaining on his contract. Instead of paying him outright upon his release, former owner Fred Wilpon negotiated a deal that would defer payments, allowing Bonilla to receive annual installments with an 8% interest rate.
This decision was influenced by the Mets' financial dealings with Bernie Madoff, whose infamous Ponzi scheme promised high returns that never materialized. The hope was that the investment would cover Bonilla's buyout and yield additional profits. However, Madoff's downfall in 2009 left many investors, including the Mets, facing significant losses.
As it stands, Bonilla will be 72 years old when these payments conclude. By then, he will have received nearly $30 million from the Mets—an amount far exceeding the original $5.9 million owed to him at the time of his release.
Bonilla's career spanned 16 seasons across eight teams, showcasing his talent as he accumulated impressive statistics: a .279 batting average, 2,010 hits, 287 home runs, and 1,173 RBIs. His accolades include six All-Star selections and three Silver Slugger Awards. Notably, he finished as a runner-up in the NL MVP race during his prime years with the Pittsburgh Pirates.
In addition to his individual achievements, Bonilla played pivotal roles in team successes, helping the Orioles reach the ALCS in 1996 and contributing to the Florida Marlins' World Series championship in 1997.
As fans celebrate Bobby Bonilla Day each year, they reflect not only on his contributions to baseball but also on a unique financial saga that continues to unfold long after his playing days have ended.
