Bobby Bonilla day: Why THIS former New York Mets third baseman receives $1.19 million every July 1

It’s July 1 and baseball fans know exactly why it’s so special: all due to Bobby Bonilla Day. Every year on this date, the New York Mets, a professional baseball team competing in Major League Baseball (MLB) pay former third baseman Bobby Bonilla a hefty $1.19 million, even though he hasn’t played for the team since 1999. This annual payment will continue until 2035, until Bobilla turns 72. While this may sound strange, it’s all part of a deal signed back in 2000 when the Mets agreed to delay paying him $5.9 million. Instead, they transformed it into long-term annual payment with instalments and interest, stretching over 25 years. Ever wondered why the Mets agreed to this? Let’s decode it.

Why did the Mets agree to this deal?

The reason behind this strange deal involves a financial gamble by the Mets’ ownership. Back in 2000, the Mets heavily invested in a Bernie Madoff Ponzi scheme, which promised to yield high returns. The idea was that the team would earn a lot of money from the Madoff account, making it easy to clear the pending payments. Unfortunately, things didn’t go as planned. Madoff’s Ponzi scheme collapsed and the Mets ended up in financial trouble. The contract with Bonilla, however, remained intact and he continues to get paid every year.

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But, what happens if Bonilla passes away before 2035?

The contract remains the same even after Bonilla's death and the payments will continue to his beneficiaries, which means his family will keep receiving the $1.19 million each July 1 until 2035.

Other players with deferred contracts

This unusual contract isn’t limited to Bonilla. A similar deferred payment plan was made with Mets pitcher Bret Saberhagen, who will receive $250,000 annually till 2028. Other players like Max Scherzer, Manny Ramírez and Chris Davis also have deferred contracts, receiving millions after they’ve retired. The practice of deferring payments helps teams manage their finances, but it also means they’ll be paying past players even after they’ve retired.