New York Mets Owe Bobby Bonilla $30 Million
It’s been 12 years since Bobby Bonilla suited up as a New York Met and he’s still being paid for it today. The Mets are on the hook for $30 million to their prized free agent signing from almost 20 years ago. Right now, you’re probably mouthing what the %*!# and wondering how is this possible. Although I doubt it makes it any better for Mets fans, but the millions owed to Bonilla stem from his second stint in Queens in 1999.
Bonilla entered into an agreement to defer his $5.9 million salary until 2011 with a compounding interest rate of 8% raising the total to $29.8 million. The payments are to be made over the next 25 years every July 1 in the amount of $1,193,248.20. Making matters worse, the $29.8 million that Bonilla will receive over the years is more than the $29 million the Mets forked over to convince Bonilla to leave the cash strapped Pittsburgh Pirates in 1992.
Further proof that Bonilla is winning, he’s on the Baltimore Orioles books until 2015 for $500,000 deferred payments as well starting this year. Tack on another $200,000 for his job as a special assistant to MLB Players association. The job as the special assistant has been described as simply talking to players. I’m willing to bet that after hearing of how Bonilla’s gotten over on teams, it’s more than apparent what players want to talk about.