The New York Mets owe Bobby Bonilla $1.2 million tomorrow

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When it came time to negotiate with The Mets, Bobby Bonilla was smart enough to secure one of the most forward thinking contracts in sports history. He knew The Mets wanted him gone but technically owed him $5.9 million. He also knew he had a young son and daughter who would be looking to go to college, and as a 36 year old, he likely had many years worth of life to live. So at this point, Bobby and his agents offered a unique compromise: The Mets would release Bobby to play for another team and they would delay the $5.9 million payment for 11 years, with interest. In essence, The Mets agreed to pay Bobby a total of $29.8 million (instead of $5.9 million) in 25 annual installments of $1.192 million, starting in the year 2011. When he received his first $1.192 payment, Bobby was 48 years old and had not played in the big leagues for 10 years. He has basically guaranteed himself a big league salary every year for the rest of his life. Today Bobby Bonilla makes more per year from the Mets than most of the team's active players! So why would The Mets agree to this deal?

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dude proves that you should always take that cash option when you win the lotto

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best contract ever

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In 1976, the ABA merged with the NBA, bringing the Indiana Pacers, San Antonio Spurs, New York Nets and Denver Nuggets into the fold. Two teams, the Kentucky Colonels and the Spirits of St. Louis, were essentially paid to go away.

The Colonels’ owners accepted $3 million from the NBA to fold their team, while the Spirits’ owners got a different deal. Ozzie and Daniel Silna, brothers who owned the Spirits, took just $2.2 million, along with an agreement to receive one-seventh of national TV revenue that each of the four former ABA teams would receive, for as long as the NBA existed.

Oops.

Now, 38 years later, the Silnas have received about $300 million as a result of the deal. They could make at least $500 million more if they accept a buyout from the NBA now, The New York Times reports.

The NBA is willing to pay the enormous sum to finally get the Silnas out of its hair, while the Silnas no longer have to fight with the league, which understandably grits its teeth whenever it makes one of its yearly payments to the brothers. The Silnas will not lose their cash cow entirely, according to the Times, as they will continue to receive smaller payments from television revenue for the near future. A new deal would allow for the Silnas to be bought out at some point.

The Silnas did not have to rework the deal and could have continued to receive payments for perpetuity. But with the popularity of the league growing globally and more fans watching games streaming online, there is some doubt how long massive TV contracts for sports leagues will continue. Accepting $500 million now might be looked back on as yet another masterstroke by the Silnas four decades from now.

Also, at some point, a good sport stops running up the score and just walks off the court with a decisive victory, confident that the point has been made.

Read more at: LINK /

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2nd best deal in history, behind the owners of that ABA team that insisted on a small percentage of NBA TV rights in their buyout deal. Ended up being worth an obscene amount.

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I love Bobby Bonilla day.

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PrimeTime Money

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