Hey baseball fans!
Happy Bobby Bonilla Day! July 1 is the day of the year when the New York Mets pay a retired, slightly ok baseball player about $1 million annually until 2034! Now I know some of you may be confused, but let me explain.
Bonilla played in the MLB from 1986-2001 with a plethora of teams, actually making six All Star Games as an outfielder. He doesn't have the stats to be in the Hall of Fame, so the fact that he is still receiving money from the Mets is mind-boggling. Basically, the Mets signed Bonilla to a deferred-money deal after not wanting him on the roster after the 2000 season, meaning that rather paying all of Bonilla's $5.9 million salary for the year right then and there, they would pay percentages of it over time with interest (at a negotiated 8% per year). The deal kicked in with the first payment being issued on July 1, 2011. The only problem for the Mets is the $5.9 million in 2000 will be worth $29.8 million by the time the deal is done. So now, the Mets organization is stuck paying Bonilla $1.19 million every July 1 until 2033! The worst part of it all for the Amazins is that Bonilla lives in Florida now, where there's no income tax, so he's really taking aaaaalllllll of that dough. Classic move by the Mets' front office.
On a separate note, happy Canada Day to Joey Votto, Russell Martin, and the Toronto Blue Jays. If you were in Bobby Bonilla's shoes, how would you spend your annual mega-paycheck, eh? Thanks for reading this post and I hope you enjoyed it. Check back soon for more of "all the buzz on what wuzz."