Bobby Bonilla, a former professional baseball player, is known for his unique contract agreement with the New York Mets.
Bobby Bonilla (Source: @instagram )
Despite not playing professional baseball since 2001, Bonilla is still receiving annual payments from the Mets on July 1st, a day that has become known as “Bobby Bonilla Day.”
The Mets and the Baltimore Orioles are obligated to pay Bonilla, and he will continue to receive these payments from 2011 through 2035. Each year on July 1st, Bonilla collects a check of around $1 million from the Mets.
This ongoing payment arrangement has become a subject of interest and has led Mets fans to celebrate “Bobby Bonilla Day.”
Before his professional baseball career, Bonilla went undrafted in the 1981 MLB draft but was later signed by the Pittsburgh Pirates. He experienced a setback when he broke his right leg during spring training in 1985.
Bobby Bonilla (Source: @usatoday )
However, he continued his career and played for various teams, including the Chicago White Sox, Florida Marlins, Los Angeles Dodgers, Atlanta Braves, and St. Louis Cardinals.
Throughout his career, Bonilla achieved notable accomplishments, including being named an All-Star six times and receiving the Silver Slugger Award three times.
Despite his retirement from baseball, Bobby Bonilla’s contract with the Mets has ensured his continued financial gain in the form of these deferred payments.
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Reason behind Bobby Bonilla still getting paid – Bobby Bonilla Day
July 1 holds significance for many MLB players and former players, as it marks the day when signing bonuses and deferred salary payments are typically paid out.It is indeed an exciting moment to receive such a substantial direct deposit each year.
Bobby Bonilla, a former All-Star who last played in 2001, has become synonymous with the July 1 payday. Through a deferred salary arrangement, the New York Mets have been making annual payments to Bonilla since 2011, totaling slightly over $1.19 million ($1,193,248.20 to be precise) on each July 1.
These payments will continue until 2035, by which time Bonilla, who is currently 60 years old, will be 72.
The Mets initially signed Bonilla to a five-year contract worth $29 million in 1991, making it the richest contract in team sports at that time. He spent the first part of the contract with the Mets before being traded away.
Bonilla went on to win a World Series with the Marlins in 1997 and was later traded back to the Mets as part of Florida’s post-championship roster changes.
In January 2000, the Mets released Bonilla but were still obligated to pay his $5.9 million salary for that season. Believing they would make substantial profits through investments with Bernie Madoff, the Mets’ ownership chose to defer Bonilla’s salary with an 8% interest rate and spread the payments over 25 years, from 2011 to 2035.
Happy Bobby Bonilla Day!@DarrenRovell sat down with Bonilla as he discusses his famous contract with the Mets for the first time EVER ?
— Action Network (@ActionNetworkHQ) July 1, 2022
However, Madoff’s Ponzi scheme eventually collapsed, and as a result, Bonilla’s $5.9 million grew to $29.8 million between 2000 and 2011.
This total sum is now divided into equal annual payments of $1.19 million over the 25-year period. CBS Sports even created a bobblehead in honor of Bonilla’s unique annual deferred payments.
Overall, the Bobby Bonilla saga stands as a remarkable example of the long-term financial arrangements and unforeseen circumstances that can arise in professional sports contracts.
Since the purchase of the New York Mets by owner Steve Cohen in 2020, there have been discussions about holding an annual Bobby Bonilla celebration at Citi Field, complete with a novelty oversized check.
However, as of now, that plan has not been implemented. Nonetheless, this year on July 1, the Mets will be playing at home against the San Francisco Giants.
Bobby Bonilla Day (Source : @instagram )
Bobby Bonilla’s deferred salary arrangement with the Mets is undoubtedly the most well-known July 1 payment in baseball. However, it is not the only payment of its kind in the game.
In fact, Bonilla has a separate deferred salary agreement with the Baltimore Orioles, who are still obligated to pay him $500,000 annually from 2004 to 2028.
Therefore, July 1 holds significance not only for the Mets but also for the Bonilla household as they receive these deferred payments.
The July 1 payments to Bonilla, both from the Mets and the Orioles, highlight the unique financial arrangements that can be found in professional sports contracts. It has become a notable event in the baseball world, creating a yearly discussion around the topic of deferred payments in the sport.
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Who is Bobby Bonilla?
Roberto Martin Antonio Bonilla, born on February 23, 1963, is a former professional baseball player who had an impressive career in Major League Baseball (MLB) from 1986 to 2001.
Bonilla was known for his powerful hitting and was considered one of the best batters and overall top players in the late 1980s and early 1990s.
He played a significant role in the success of the Pittsburgh Pirates organization during that time.Bonilla achieved notable statistics in home runs, RBIs, doubles, and extra base hits.
Bobby Bonilla (Source: @adweek )
He was selected for the All-Star game four times, received three Silver Slugger Awards, and was a strong contender for the National League’s Most Valuable Player award during his tenure with the Pirates. In the 1990 season, he led the league in extra base hits, and in 1991, he led in doubles.
In the offseason of 1991-92, Bonilla signed with the New York Mets, becoming the highest-paid player in the league at that time with an annual salary of over $6 million.
However, he struggled to meet the high expectations placed upon him during his time with the Mets, and his performance did not live up to the contract’s value.
Throughout the remainder of his career, Bonilla played for various teams, including the Baltimore Orioles, where he reached the American League Championship Series in 1996, and the Florida Marlins, with whom he won the World Series in 1997. He also had stints with the Los Angeles Dodgers, Atlanta Braves, and St. Louis Cardinals.
Towards the end of Bonilla’s career, when the Mets intended to release him after the 1999 season, they negotiated a settlement whereby the team would pay him $1.19 million annually from 2011 to 2035 on July 1.
Bobby Bonilla (Source: @ftw )
This unique arrangement has made July 1, known as “Bobby Bonilla Day,” a significant date for Mets fans. After playing two more seasons with the Braves and Cardinals, Bonilla retired at the end of the 2001 season.
Throughout his 16-year professional baseball career, he accumulated a .279 batting average, a .358 on-base percentage, and a .472 slugging percentage.
