Bonilla is the 16th highest paid player on the New York Mets at an annual salary of $1,193,248.20, despite the fact his last at bat was in 2001. He will continue to get paid until 2035 when he’ll be 72. The check hits on July 1st every year which is known as Bobby Bonilla Day.
Bonilla’s agent told him “it’s not what you make, it is what you keep” and structured a $5.7 million contract buyout in the form of a deferred annuity which saved on taxes vs. a lump sum payment. The annuity grows at 8% interest and started paying in 2011.
The Mets owners took the deal because they believed they could grow the $5.7 million faster than the annuity, thanks to the skill of their investment advisor, Bernie Madoff. Gift Link:
I heard this discussed yesterday, what was said is that the Mets wanted to cut Bobby Bo to free up his salary slot and roster spot for another high priced player. But he had a no-cut contract. So the Mets offered that of Bonilla agreed to the release, instead of approximately $6 Million, they would pay him approximately $1.1 Million every July 1st, from 2011-2035. And this was before hedge funder Cohen bought the Mets,lol. I can see him making that bad of a deal, similar to a couple of years ago when he led the Mets to the highest payroll and lowest win total in MLB,lol.