Happy Bobby Bonilla Day!!!

[Ben E Lou]

He still has 10 more years.



Happy Bobby Bonilla Day! Why Mets pay him $1.19M every July 1 (https://www.espn.com/mlb/story/_/id/27078321/happy-bobby-bonilla-day-why-mets-pay-119m-every-july-1)

[QuikSand]

the best

[Ben E Lou]

I misread the article. he still has 16 more years. He'll be 72 when he stops getting his mil.

[tarcone]

What a fantastic contract.

I wonder if Kirk Ferentz has the same one.

[kurtism]

His agent belongs in the Hall of Fame

[QuikSand]

As an aside, I love the psychology of this.

Lots of guys have gotten absurdly fat contracts. We all get that. It's something about the fact that they are still writing checks to this clown today that makes it so delicious, right? But all things considered, he is worse off getting $48m stretched out over 40 years, than he would have gotten from getting it all up front, which would be more conventional. If he had gotten a lump sum, ran through $8 million of it on hookers and blow or whatever, and invested the other $40m into the S&P 500, he'd be sitting on over $300m now.

[cartman]

As an aside, I love the psychology of this.

Lots of guys have gotten absurdly fat contracts. We all get that. It's something about the fact that they are still writing checks to this clown today that makes it so delicious, right? But all things considered, he is worse off getting $48m stretched out over 40 years, than he would have gotten from getting it all up front, which would be more conventional. If he had gotten a lump sum, ran through $8 million of it on hookers and blow or whatever, and invested the other $40m into the S&P 500, he'd be sitting on over $300m now.

True, except for one point. He accepted the $48 mil over time instead of taking a one time $5.9 mil payment.

[QuikSand]

Thanks, didn't do my research. Go Mets!

[sabotai]

Unless the article is misstating the situation...

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.

I read that as the Mets giving Bobby B ~$30 million ($1.2m over 25 years) over a 25 year period instead of $5.9 million up front.

At the time, Mets ownership was involved with a Bernie Madoff account that promised double-digit returns over the course of the deal, and the Mets were poised to make a significant profit -- if the Madoff account delivered. It did not.

And the reason the Mets thought that was a great deal for them was them thinking Bernie Madoff would take that $5.9 million and give them a return of more than the $30 million by the time 2011 came around.

A yearly return of 15% would be needed to turn $5.9 million into more than $30 million, so yeah, I'd say Bobby B made the right choice. Especially considering this deal was reached in 2000, right around the time the dot com bubble burst.

[Atocep]

He still has 10 more years.



Happy Bobby Bonilla Day! Why Mets pay him $1.19M every July 1 (https://www.espn.com/mlb/story/_/id/27078321/happy-bobby-bonilla-day-why-mets-pay-119m-every-july-1)

I think the Braves only have 1 more year of payments to Bruce Sutter.

[albionmoonlight]

Every day is a good day to be Bobby Bonilla.

But today is the best day to be Bobby Bonilla.

[Scarecrow]

https://pbs.twimg.com/media/Eb13_ZyXsAEuV53?format=jpg&name=small

[sterlingice]

A worthy bump!

SI

[Lathum]

It ended up being a great move for the Mets.

It allowed them to have the money to sigh Mike Hampton who helped them to a world series. Hampton then went on to Colorado and the compensation pick the Mets received turned into David Wright, one of the most iconic players in the history of the franchise.

[SirFozzie]

I think Bobby Bo is one of the few baseball players (retired or active) who is getting paid what their contract calls for.

[Atocep]

This inspired me to look for other deals in MLB. Bruce Sutter, who I mentioned earlier in this thread, is getting paid over $1 mil per through next year.

The Red Sox are paying Manny $2 mil per through 2026.

The Reds are paying Griffey Jr. $3.5 mil per through 2024.

The Orioles will be paying Chris Davis $3.5 mil per year from 2023 to 2032 and then $1.4 mil from 2033 to 2037.

[Lathum]

It happens a lot but the Mets are a convenient punchline.

[stevew]

Didn’t they basically get nothing out of the last 127 million they paid Wright? Was it covered by insurance/buyout? He’s still supposedly on the books for 12m this year