Every July 1st, the New York Mets make a $1.19 million payment to former outfielder Bobby Bonilla as part of a deferred payment plan that started in 2011. The deal has become a reminder of the Mets' bizarre financial decisions and has even been the subject of jokes and a Mint Mobile commercial.
The New York Mets made their annual $1.19 million payment to former outfielder Bobby Bonilla on Monday, July 1st. This payment is part of a deferred payment plan that started in 2011 and will continue until 2035.
Bonilla signed a five-year contract with the Mets in 1991 worth about $29 million. However, as part of the contract, Bonilla agreed to defer $6.1 million of his salary until after his retirement. This deferred salary agreement began about 20 years later and will continue for another 11 years.
Bobby Bonilla's Deferred Compensation: A Reminder of the Mets' Bizarre Deal
Bonilla was traded to the Baltimore Orioles in 1995 and later won a World Series with the then-Florida Marlins in 1997. He had another stint with the Mets in 1999 and last played in MLB for the St. Louis Cardinals in 2001.
Since then, July 1st has become a reminder of the Mets' bizarre deal. Bonilla even appeared in a Mint Mobile commercial to poke fun at the deal. Now, New York fans celebrate it.
Bobby Bonilla's Deferred Compensation: A Reminder of the Mets' Bizarre Deal
"It's kind of become like my birthday so to speak, right? It's become that big," Bonilla told the New York Post. "I don't think people know the exact date of my birthday, but they certainly know when this deferred comp comes in, so it's pretty cool in that respect."
As far as an official day, Bonilla told the New York Post that team owner Steve Cohen had reached out. However, the former slugger said he is not thinking about anything until his child is off to college.
Bobby Bonilla's Deferred Compensation: A Reminder of the Mets' Bizarre Deal
Bonilla, 61, is long out of the league but is still making more money than one of the most popular quarterbacks on one of the most popular NFL teams. ESPN's Adam Schefter noted that Bonilla is set to make more money than Brock Purdy's base salary. The San Francisco 49ers star is set to make $985,000.
However, that salary may be his last as he enters his third season.
The Mets' deferred payment plan to Bonilla has been criticized by many as being financially irresponsible. However, Bonilla has defended the deal, saying that he was simply taking advantage of an opportunity to secure his financial future.
"I think it was a smart move on my part," Bonilla said. "I was able to get a lot of money up front, and I'm still getting paid today. I'm not complaining."
The Mets' deferred payment plan to Bonilla is a reminder of the importance of financial planning. It is also a reminder that even the most bizarre deals can sometimes turn out to be beneficial for both parties involved.
