It's Time to Pay Bobby Bonilla


This might be one of our favorite days of the year, unless you're a Mets fan.

Bobby Bonilla is set to make $1,193,248.20 until the year 2035 (when he is 72 years old) as a result of the team choosing to defer payments for 25 years at 8% interest in 2011 instead of buying out the remaining $5.9 million he had left on his contract.

In case you forgot or don't know, here's a little backstory.

Via CNN:

How was Gilbert able to secure such a sweet deal for his client? They can both thank disgraced financier Bernie Madoff and Mets owner Fred Wilpon.

The Mets wanted to part ways with Bonilla in 1999 but he had $6 million left on his contract. Wilpon believed he was getting a huge return on his investments through Madoff but the Mets owner turned out to be a victim of Madoff's infamous Ponzi scheme

Instead of paying Bonilla outright, Wilpon opted to defer payments so that the money could be unwittingly invested into Madoff's Ponzi scheme.

Gilbert negotiated with the team to defer payments until 2011, with an 8% annual interest rate.

And thanks to Adam Schefter, we have this little fun fact as well.


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