Happy Bobby Bonilla Day: Here's why the Mets pay him $1.19 million every July 1 ⚾️
NEW YORK -- For most of us, it is simply July 1. But New York Mets fans know it by a different name -- Bobby Bonilla Day.
At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered. Deferred-money deals have been going on for a long time, but the Mets did more of them than most. The first deferred-money deal we know about is Darryl Strawberry's 1985 contract, in which the Mets deferred 40% of his 1990 $1.8 million team option at a 5.1% interest rate. The deal, which pays out $1.64 million from 2004 to 2033, was obtained through a life insurance company.
The other way to think of it is that the Mets didn't have to pay Bonilla his $5.9 million in 2000 and could use it on other free agents. Sure enough, the Mets acquired Mike Hampton from the Astros right before they dumped Bonilla. Hampton's cost was conveniently $5.75 million, and his 15-10 record was good enough to help get the Mets to the World Series that year for the first time since 1986.
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