Bobby Bonilla getting paid for the next 25 years.

[cisco]

You gotta be kidding me.

The New York Mets placed Bonilla on unconditional waivers in 2000. He spent the 2000 season playing for the Atlanta Braves. The Mets agreed to pay out the remainder of Bonilla's contract by deferring the $5.9 million that he was due. The Mets will pay him 25 equal payments of $1,193,248.20 every July 1 from 2011 until 2035, assuming an annual interest rate of 8% during the period 2011-2035.[3]

In 2001, he was signed by the St. Louis Cardinals, but was released due to an injury and the success of his replacement, Albert Pujols. He played his final game on October 7, 2001.

He's 48 now so he'll get his last $1.1 million when he's 73.

I guess that's on top of his players pension. :lol:




.

 

[MadJack]

You gotta be kidding me.

The New York Mets placed Bonilla on unconditional waivers in 2000. He spent the 2000 season playing for the Atlanta Braves. The Mets agreed to pay out the remainder of Bonilla's contract by deferring the $5.9 million that he was due. The Mets will pay him 25 equal payments of $1,193,248.20 every July 1 from 2011 until 2035, assuming an annual interest rate of 8% during the period 2011-2035.[3]

In 2001, he was signed by the St. Louis Cardinals, but was released due to an injury and the success of his replacement, Albert Pujols. He played his final game on October 7, 2001.

He's 48 now so he'll get his last $1.1 million when he's 73.

I guess that's on top of his players pension. :lol:




.

I bet his agent gets more of that than he does. Regardless, he made a hellava deal. :0008

 

[Old School]

one of the worse contracts ever worked up in the bigs..


and yes..his pension is sweet as well..

there is no union like the MLB Players Union.

the strongest in the history of organized labor..

LABOR...:mj07:


pays well to be one of the best in the world..

 

[BuckwheatJWN]

"IF YOU CAN'T MAKE IT THERE, IT'S BETTER THAN CAN'T MAKING IT ANYWHERE, MY FAVORITE TOWN NEW YORK, NEW YORK."

 

[cisco]

It gets better...

Bonilla is also being paid $500,000 annually by the Baltimore Orioles until 2015 for a similar buyout and he holds a ?special assistant? job with MLB that pays him $200,000 a year.

:0002

 

[Old School]

:0071 :0071 :0071 :0071 :0071 :0071 :0071 :0071 :0071

 

[cisco]

Put the blame where it's due. Fred Wilpon, the Mets owner, was in bed with Bernie Madoff, and thought he was being slick by deferring Bonilla's salary at a lower interest rate than what he was getting from Madoff. SI ran a great piece on this, excerpted here:



http://dealbreaker.com/2011/05/mets-fans-can-thank-bernie-madoff-for-their-2000-nl-championship/

 

[ImFeklhr]

Teams do this stuff all the time. Maybe not to these lengths, but moving money around allows them to spend more in years they are in the pennant race and pay it off at a later date. :shrug: