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Happy Bobby Bonilla Day!
Posted on 7/1/23 at 11:22 am
Posted on 7/1/23 at 11:22 am
In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract. However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest. At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered -- but that did not work out. Today, the 60-year-old Bobby Bonilla will collect a check for $1,193,248.20 from the New York Mets, as he has and will every July 1 from 2011 through 2035.
What a deal, and more fail from the Mets organization
What a deal, and more fail from the Mets organization
This post was edited on 7/1/23 at 11:24 am
8
Posted on 7/1/23 at 11:25 am to BeachDude022
Is this the thread where people that don’t understand how money works, post about what a terrible deal it was for the Mets.
Posted on 7/1/23 at 11:29 am to James11111
quote:
Is this the thread where people that don’t understand how money works, post about what a terrible deal it was for the Mets.
I'd love to see you explain this.
Posted on 7/1/23 at 11:29 am to James11111
$1 in 2000 is worth $1.77 now.
Mets lost this deal.
Mets lost this deal.
Posted on 7/1/23 at 11:30 am to James11111
So it wasn’t a terrible deal for the Mets?
Posted on 7/1/23 at 11:46 am to Tangineck
quote:
I'd love to see you explain this.
Let’s use a lottery analogy. Bonilla took the annuity instead of the upfront cash.
Posted on 7/1/23 at 11:47 am to Dale Murphy
quote:
$1 in 2000 is worth $1.77 now
So Bonilla is getting less and less every year. Got it.
Posted on 7/1/23 at 11:49 am to BeachDude022
As I get older, it feels like I see this thread every three months.
Posted on 7/1/23 at 11:53 am to Dale Murphy
quote:
$1 in 2000 is worth $1.77 now. Mets lost this deal
That part of the deal is a win for the Mets. The problem is 25 is 4x greater than 5.9.
Posted on 7/1/23 at 11:54 am to James11111
quote:
So Bonilla is getting less and less every year. Got it.
He started collecting in 2011, which was 11 years after he was owed. He surpassed collecting what he was originally owed in 2016. So the Mets kept the interest on 5.9 mil for 16 years. Bonilla keeps the interest he will earn on that money for another 19 years plus the additional payments of 19 years of 1.2 mil. Muh interest.
Posted on 7/1/23 at 11:54 am to HottyToddy7
quote:
The problem is 30 is 5x greater than 5.9.
FIFY
Posted on 7/1/23 at 11:59 am to BeachDude022
Is this where casuals try to look sharp and claim this is the best/worst deal in american sports history?
Posted on 7/1/23 at 11:59 am to BeachDude022
Griffey Jr has been getting $3.5 million since 2011. Next year is his last payment. On and his is the 4th paid player for the reds this season
Posted on 7/1/23 at 12:32 pm to James11111
Bonilla held an 8% bond and rates went down. Good for him!
Posted on 7/1/23 at 12:36 pm to Vandyrone
Pretty soon about half of the Mets fanbase will have been BORN after they originally signed Bonilla in the 90s…
Posted on 7/1/23 at 12:42 pm to chalmetteowl
Bobby also gets $500,000 per year from the Orioles.
Posted on 7/1/23 at 12:52 pm to BeachDude022
Why did they agree to pay him $1.2 million for 25 years and not just pay out the remaining $5.9 million plus interest in 5 years.
Posted on 7/1/23 at 1:11 pm to BeachDude022
Whatever agent negotiated that is a mastermind. And Griffey is still being paid by the Reds.
This post was edited on 7/1/23 at 1:13 pm
Posted on 7/1/23 at 1:17 pm to BeachDude022
It's a great day for Bobby Bonilla for sure
Posted on 7/1/23 at 3:45 pm to BeachDude022
MLB teams are still dishing out payments to at least 13 now-retired big leaguers, according to Spotrac data. That includes retained salaries and deferred payments, and excludes players not on rosters that have not explicitly announced their retirement. Collectively, that group of 13 will earn roughly $35 million in 2023.
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