According to ESPN, the Mets agreed in 2000 to buy out Bonilla's contract, negotiating to pay the remaining $5.9 million in annual installments of nearly $1.2 million, including 8% interest, for 25 years starting July 1, 2011. He last played in the majors in 2001, when he signed with the St. Louis Cardinals.

How does Bobby Bonilla still get paid?

Why is Bobby Bonilla still getting paid? Instead of paying Bonilla $5.9 million in 2000, the Mets opted for a deferred salary arrangement that set the team up to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011. The deal included a negotiated 8% interest.

Who negotiated Bobby Bonilla contract?

However, instead of paying him that money at that time, the Mets agreed to pay him out over the course of a 25-year period with a negotiated 8% interest rate. I sat down on "Bobby Bonilla Day" with the mastermind behind this contract, agent Dennis Gilbert.

How Bobby Bonilla contract works?

As part of a deferred salary arrangement, the New York Mets have paid Bonilla a touch more than $1.19 million ($1,193,248.20 to be exact) each July 1 since 2011, and will continue doing so until 2035. 2035! Bonilla, now 58, will be 72 when the last payment is made.

When did the Mets start paying Bobby Bonilla?

--Bobby Bonilla (again): A second deferred-contract plan with the Mets and Orioles pays him $500,000 a year for 25 years. Those payments began in 2004.

Bobby Bonilla Day: Behind baseball's greatest contract

18 related questions found

How long was Bobby Bonilla contract?

When Bonilla signed his five-year, $29 million contract with the Mets in 1991, he became the highest-paid National League player at the time. His contract with the New York Mets calls for him to receive $1,193,248.20 each year until 2035, when he will be 72 years old.

Who owns the New York Mets?

The ball is about to be in the hands of Mets owner Steve Cohen, and he must step up if he hopes to deliver his promise of a World Series within the next 3-5 years.

Who has the biggest contract in the MLB?

• 1) Mookie Betts, Dodgers -- 12 years, $365 million. ...
• 2) Mike Trout, Angels -- 10 years, $360 million. ...
• 3) Francisco Lindor, Mets -- 10 years, $341 million. ...
• 4) Fernando Tatis Jr., Padres -- 14 years, $340 million. ...
• 5) Giancarlo Stanton, Marlins -- 13 years, $325 million. ...
• 6) Miguel Cabrera, Tigers -- 8 years, $248 million.

Who is the highest paid MLB player?

New York Mets shortstop Francisco Lindor tops this year's list with $45.3 million in total earnings for 2021, including endorsements, followed by Los Angeles Dodgers pitcher Trevor Bauer ($39 million), Los Angeles Angels center fielder Mike Trout ($38.5 million) and New York Yankees ace Gerrit Cole ($36.5 million).

Why the Mets pay Bobby?

Mets owner Fred Wilpon accepted the deal mostly because he was heavily invested with Ponzi scheme operator Bernie Madoff, and the 10 percent returns he thought he was getting on his investments with Madoff outweighed the eight percent interest the Mets would be paying on Bonilla's initial $5.9 million.

What was Babe Ruth's highest salary?

In today's dollars, Ruth would have been getting paid about $226,655 when the infamous trade happened. He was traded for $125,000, which roughly translates to just over $1.6 million dollars today. At his highest salary in 1931, he was making $80,000.

Why does Bobby Bonilla get paid till 2035?

Bobby Bonilla hasn't played in a professional baseball game since 2001, yet on July 1 of this year, the New York Mets paid him $1.19 million. And they will every July 1 until 2035, as part of a deferred contract that the Mets negotiated with Bonilla after the 1999 season.

Are the Boston Celtics still paying Kevin Garnett?

KEVIN GARNETT

When Garnett was with the Celtics, he asked to be paid $35 million over seven years in deferred salary following his retirement. The team agreed, and KG is still cashing checks to this day.

What does Bobby Bonilla earn?

Here's why Bobby Bonilla is collecting $1.19M a year from the Mets until 2035. Mets fans celebrated Bobby Bonilla Day on July 1, the day the 58-year-old former MLB player collected another check for $1,193,248.20 from the New York Mets. Bonilla will continue to collect more than 1 million dollars every year until 2035.

How old was Bobby Bonilla when he retired?

Bonilla retired from Major League Baseball in 2001, and 20 years later, the 58-year-old is still banking $1.19 million every July 1, referred to by some fans as “Bobby Bonilla Day.”

What sport makes the most money?

Basketball

It is not surprising that basketball is the world's highest paid sport. As well as earning millions per year in salary, the NBA's best basketball players earn a huge amount of money from their various endorsements and sponsorships, more so than any other sport.

What is Vladimir Guerrero Jr contract?

For example, according to spotrac.com, Vladimir Guerrero Jr. is the highest paid of the trio including him, Bo Bichette, and Cavan Biggio, making $605,400.

What is Alex Rodriguez net worth?

A-Rod, 45, one of the top earning athletes ever, has amassed a fortune of at least $400 million based on Forbes estimates.