Today is “Bobby Bonilla Day”, when the Mets issue a $1.19 million check to their former slugger, even though he hasn’t played for them in 26 years. Bonilla will receive this annual payment through 2035 because he agreed to defer the remainder of the $5.9 million owed to him in 2000 at an interest rate of 8 percent. At the time, the Mets wanted to free up money to pay other big-salaried players like Mike Hampton and Derek Bell, who helped them win the pennant that year. Mets owner Fred Wilpon also figured to make the annual payments using a double-digit return he was getting from an amazing investment through a guy named Bernie Madoff.
A look back at the Royals’ “lifetime contracts”
