Another year, another $1.193 million in the bank account of the long-retired Bobby Bonilla. If you don’t know the story of Bobby Bonilla and his hilariously long contract, here’s a brief rundown on why everyone celebrates “Bobby Bonilla Day” each and every July 1st.
During the mid-90s, Bobby Bonilla was the highest paid player in the MLB, making around $6 million per year from 1994-1996. By 1999, Bonilla was playing in his final season with the New York Mets. Having fallen off towards the end of his career (he batted .160 with 4 home runs in 141 plate appearances during his final year with the team), the Mets decided to release him with one year left on his contract.
Instead of paying him the $5.9 million he was still owed outright, the Mets ownership – which was invested in an account with Ponzi Scheme operator Bernie Madoff that promised high returns, and failed to deliver – struck a deal with Bonilla to instead pay him 25 installments of approximately $1.193 million each year from 2011 to 2035.
The deal has worked out fantastically well for Bonilla, who will continue receiving a 7-digit paycheck each year until he’s 72 years old in 2036. As for the Mets, they’ve embraced “Bobby Bonilla Day” and have even considered bringing Bonilla to Citi Field in celebration on the big day.
On the 10-year anniversary of Bonilla’s first deferred payment, he celebrated in extra comical fashion. Working with Mint Mobile, Bonilla starred in a new commercial that advertises the company’s small payments over long terms.
They literally could not come up with a more appropriate poster boy for a long term deal like this. Happy Bobby Bonilla Day, everyone!
(H/T ESPN)
