Bobby Bonilla Day: Why the NY Mets pay out $1.19M on July 1

Key Points:

• Every year on July 1st, the New York Mets pay retired baseball player Bobby Bonilla a whopping $1.19 million.
• This unusual agreement stems from a deferred payment plan negotiated by the Mets in 2000.
• The Mets originally owed Bonilla $5.9 million after releasing him from his contract in 1999.
• Instead of paying Bonilla that amount upfront, the Mets agreed to make annual payments with an 8% interest rate starting from 2011.
• The payments will continue until 2035, meaning Bonilla will receive a total of $29.8 million.
• This deal has been widely criticized as a financial blunder by the Mets, earning it the nickname “Bobby Bonilla Day”.

Closing paragraph:

While Bobby Bonilla Day may be a quirky tradition for Mets fans, it serves as a reminder of a peculiar financial decision made by the team. The deferred payment plan continues to add to the team’s payroll annually, highlighting the long-term consequences of a short-sighted agreement. The Mets will be paying Bonilla long after he retired, solidifying his status as one of the luckiest retired athletes in history. Cheers to Bobby Bonilla and his annual “retirement bonus”! #HappyBobbyBonillaDay #MetsCashFlowWoes