Latest news with #BobbyBonilla
National Post
3 hours ago
- Business
- National Post
Ex-MLB star rakes in $1.19M annually despite not playing for 24 years
Article content He's not Canadian and he's not an NHL free agent, but it's safe to say that nobody looks forward to July 1 as much as this guy. Article content While the first day of July marks Canada Day and signals the start of free agency for NHLers hoping to score big paydays, it is also recognized by some as 'Bobby Bonilla Day.' Article content Article content Named for the 62-year-old former MLB star, it's safe to say there's at least one person who has the big day circled on his calendar. Article content That would be Bobby Bonilla. Article content That's because, every year on this day through to 2035, Bonilla collects a cheque for $1.193,248.20. Article content Not too shabby considering the New Yorker hasn't laced up his cleats since 2001. Article content The annual cash infusion comes courtesy of what is arguably the most infamous deferred payment setup in sports history. Article content Bonilla signed with the Pittsburgh Pirates in the early 1980s and made his MLB debut with the Chicago White Sox in 1986. Article content He starred for teams including the Pirates, New York Mets and Baltimore Orioles, winning the 1997 World Series with the Florida Marlins. Bonilla was also a six-time All-Star and won the Silver Slugger Award three times in his career. However, by 1999, he was on the decline in the middle of his second stint with the Mets, who ultimately decided to release him. Article content The stickler was that the Mets owed him $5.9 million to pay out the remainder of his contract. Article content That's when Bonilla's agent went to the Mets with an offer: They would agree to have the payment deferred for a decade with interest. Bonilla would get paid over $1.19 million per year, every July 1 from 2011 to 2035. Article content Article content While it meant the payout would balloon from $5.9 million to $29.8 million, the Mets agreed to the deal, in part because Mets owner Fred Wilpon was heavily invested with Bernie Madoff in his infamous Ponzi scheme at the time. Article content Wilpon believed that the 10% returns he was making on his investments with Madoff would outweigh the eight per cent interest he'd be required to pay to Bonilla on the $5.9 million, so he accepted the deal.
Toronto Sun
3 hours ago
- Sport
- Toronto Sun
Ex-MLB star rakes in $1.19M annually despite not playing for 24 years
Bobby Bonilla of the New York Mets is pictured in 1999. Photo by FILES / THE ASSOCIATED PRESS He's not Canadian and he's not an NHL free agent, but it's safe to say that nobody looks forward to July 1 as much as this guy. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account While the first day of July marks Canada Day and signals the start of free agency for NHLers hoping to score big paydays, it is also recognized by some as 'Bobby Bonilla Day.' Named for the 62-year-old former MLB star, it's safe to say there's at least one person who has the big day circled on his calendar. That would be Bobby Bonilla. That's because, every year on this day through to 2035, Bonilla collects a cheque for $1.193,248.20. Not too shabby considering the New Yorker hasn't laced up his cleats since 2001. The annual cash infusion comes courtesy of what is arguably the most infamous deferred payment setup in sports history. Bonilla signed with the Pittsburgh Pirates in the early 1980s and made his MLB debut with the Chicago White Sox in 1986. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. He starred for teams including the Pirates, New York Mets and Baltimore Orioles, winning the 1997 World Series with the Florida Marlins. Bonilla was also a six-time All-Star and won the Silver Slugger Award three times in his career. However, by 1999, he was on the decline in the middle of his second stint with the Mets, who ultimately decided to release him. The stickler was that the Mets owed him $5.9 million to pay out the remainder of his contract. That's when Bonilla's agent went to the Mets with an offer: They would agree to have the payment deferred for a decade with interest. Bonilla would get paid over $1.19 million per year, every July 1 from 2011 to 2035. While it meant the payout would balloon from $5.9 million to $29.8 million, the Mets agreed to the deal, in part because Mets owner Fred Wilpon was heavily invested with Bernie Madoff in his infamous Ponzi scheme at the time. This advertisement has not loaded yet, but your article continues below. Wilpon believed that the 10% returns he was making on his investments with Madoff would outweigh the eight per cent interest he'd be required to pay to Bonilla on the $5.9 million, so he accepted the deal. This advertisement has not loaded yet, but your article continues below. This advertisement has not loaded yet, but your article continues below. With that, each July 1, baseball fans celebrate the payout as an informal national holiday of sorts, complete with plenty of fun takes on social media. Bonilla isn't the only player receiving deferred money. Most notably, Los Angeles Dodgers superstar Shohei Ohtani is being paid $2 million per year over the length of his 10-year contract before getting paid $68 million per year from 2034 to 2043. Because a cheque for $1,193,248.20 each year is apparently not enough, Bonilla is also cashing in on another deferred contract. He gets paid another $500,000 from the Baltimore Orioles, having collected payment from the O's each year since 2004 and running until 2029. RECOMMENDED VIDEO Ontario Toronto Maple Leafs Toronto Maple Leafs Celebrity Ontario
Yahoo
10 hours ago
- Sport
- Yahoo
Orioles Pay $9.16 Million to Retired MLB Star on Tuesday
Orioles Pay $9.16 Million to Retired MLB Star on Tuesday originally appeared on Athlon Sports. By now, most MLB fans are familiar with "Bobby Bonilla Day." The former New York Mets star famously secured a deal that pays him over $1.19 million every July 1 through 2035, even though he hasn't played since 2001. So far, the Mets have paid him over $17 million, with another $10.7 million still to go. Advertisement But did you know July 1 is also a big payday for another retired player? Former Baltimore Orioles first baseman Chris Davis is also cashing in. According to Spotrac, "Former 1B Chris Davis secures a $9.16M payment today stemming from two deferral agreements throughout his 7 year, $161M 2016 contract with the #Orioles. That's not all. Davis is set to receive an additional $31.5 million in deferred payments through 2037, a staggering sum for a player long removed from action. Davis, now 39, last played in 2020 where he ended his career with 295 home runs and a .233 batting average. Before his major league debut, he was named Minor League Player of the Year in 2007. Baltimore Orioles first baseman Chris Davis (19). David Berding-Imagn Images His massive contract was largely based on his monster 2013 season, when he crushed 53 home runs and drove in 138 runs. That year, he finished third in American League MVP voting. Davis also had a big 2015 campaign, hitting 47 homers with 117 RBIs. Advertisement But with the power came plenty of strikeouts. Davis had back-to-back seasons with over 200 strikeouts and totaled more than 800 in a four-year span, highlighting his all-or-nothing approach at the plate. Related: Kevin Garnett Reacts to Bronny James News With Strong Prediction This story was originally reported by Athlon Sports on Jul 1, 2025, where it first appeared.
Yahoo
13 hours ago
- Sport
- Yahoo
Happy Bobby Bonilla Day! Why former Mets star and his contract are celebrated every July 1
For 16 seasons, Bobby Bonilla put up excellent numbers in the majors. The utility man recorded a strong 124 OPS+ over that period, making six All-Star games and finishing in the top three in MVP voting twice. But for all his accomplishments as a player, Bonilla is far more remembered for what came after. Advertisement In baseball circles, July 1 is recognized as Bobby Bonilla Day. On that day, baseball fans in the know celebrate one extremely smart decision by Bonilla and his agent when he was a member of the New York Mets. Bobby Bonilla Day explained Bonilla is celebrated every July 1 because that's the day the Mets have to pay him $1.2 million. Bonilla hasn't played in the majors since 2001, but he receives yearly checks from the Mets after agreeing to a deferred deal with the team in 2000. As a result, Bonilla will be paid $1.2 million by the Mets every year until 2035, when he'll be 72 years old. Bobby Bonilla Mets contract Bonilla initially signed a five-year, $29 million contract with the Mets ahead of the 1992 MLB season, but that's not the contract that led to Bobby Bonilla Day. After three-and-a-half seasons with the Mets, Bonilla was traded away. Advertisement After spending time with the Baltimore Orioles, Bonilla signed a four-year, $23.3 million contract with the Miami Marlins in 1997. That's the deal that resulted in Bobby Bonilla Day. While the Marlins handed Bonilla that contract, the team never intended to pay it out. After helping the team win a World Series in 1997, Bonilla was traded the following year in the team's infamous fire sale. He spent a half-season with the Los Angeles Dodgers before he was traded back to the Mets for the 1999 MLB season. Bonilla struggled that season, hitting just .160 over 141 plate appearances. At the end of the season, the Mets told Bonilla he was going to be released. But he still had $5.9 million remaining on his contract. Instead of paying out that $5.9 million to Bonilla immediately, the team wanted to defer payments on the deal, believing it could make more profit through investments with Bernie Madoff. As a result, the Mets agreed to pay Bonilla $1,193,248.20 every year, with those payments starting in 2011 and going until 2035. Advertisement The Madoff investment turned out to be a Ponzi scheme, one that was highly embarrassing for former Mets owner Jeff Wilpon. As a result, the $5.9 million that Bonilla was owed has swelled to $29.8 million. That's not a bad deal for a player who hasn't taken a major-league at-bat since 2001. Do the Mets celebrate Bobby Bonilla Day? Under Wilpon's ownership, the Mets didn't exactly broadcast the fact that they needed to pay a former player nearly $1.2 million every season due to a bad investment by the team's owner. That changed after Steve Cohen purchased the team in 2020. The Mets don't hold a ceremony or celebration in honor of Bonilla, but Cohen has acknowledged the unofficial baseball holiday on social media, calling it his "favorite day of the year." Cohen assumed those payments after taking ownership of the Mets, and it's nice to see he has a good sense of humor about the whole thing. MLB deferred contracts Bonilla is far from the only MLB player to receive deferred money from a team. The practice has become more popular over the years. The Washington Nationals made a habit of signing players to deferred deals during their contention window between 2012 and 2019. Advertisement The Los Angeles Dodgers will pay deferred money to Freddie Freeman and Mookie Betts long after they are finished playing, though of course the team's most famous deferred deal is the 10-year, $700 million contract signed by Shohei Ohtani. That deal contains a staggering $680 million in deferred money. There's evidence that Bonilla's deal wasn't the first time an MLB team issued deferred payments to a player. Catfish Hunter, Sparky Lyle, Bruce Sutter and Jim Rice were among the players who reportedly received deferred money from teams prior to Bonilla's buyout agreement with the Mets. Advertisement Bonilla's agreement with the Mets also isn't his only deferred payment from an MLB team. He receives $500,000 from the Orioles every year. Those payments started in 2004 and were set to end 25 years later. Bobby Bonilla stats It's easy to forget, but Bonilla was a pretty excellent player in his MLB career. The utility man — who spent time at first base, third base and in the outfield — hit .279/.358/.472 over 16 seasons in the majors. That figure resulted in a 124 OPS+ for Bonilla, meaning he was 24% better than the average major-league hitter during his era. At his peak, Bonilla was among the best hitters in the game. From 1988 through 1991, he hit .284/.359/.495, with 98 home runs, in four seasons with the Pittsburgh Pirates. He made the All-Star team each season during that stretch, finishing second in the NL MVP voting in 1990 and third in voting in 1991. His contract might get all the attention, but Bonilla was a pretty excellent player during his era.
The Herald Scotland
16 hours ago
- Sport
- The Herald Scotland
What is Bobby Bonilla Day? Contract earned itself an MLB holiday
Looking to dump Bonilla after the 1999 season, the Mets opted to defer his payment - with 8% interest - giving him $1,193,248.20 annually on July 1 from 2011-2035 - adding up to nearly $30 million. "It's bigger than my birthday," Bonilla told USA TODAY Sports. "When that day comes, I get texts all day long, and couple of days after and maybe a day or two before. Everybody just seems to love that day and have fun with it. It's become a pretty big thing." Contract deferrals weren't new in baseball at the time and have been deployed heavily in the 25 years since Bonilla left the Mets, but the fact that he will be getting seven-figure checks until he's 72 years old is what most captivates the baseball world. "There'll be plenty of other deferred contracts," Bonilla's former agent Dennis Gilbert told USA TODAY Sports in 2023, "but for a guy to be paid that long into his life, into his 70s, I don't think we'll ever see that again. "That's why Bobby Bonilla Day should be celebrated." Bobby Bonilla Day contract Bonilla signed a four-year, $23.3 million contract with the Marlins prior to the 1997 season and helped the team win its first World Series that year, but was traded to the Dodgers in 1998 as part of the club's infamous fire sale. Before the 1999 season, the Dodgers traded Bonilla to the Mets, who were looking for a new right fielder at the time - with New York assuming the remaining two years and $11.65 million on Bonilla's contract. Then 36 years old, Bonilla played just 60 regular season games for the Mets in 1999, batting .160. He was constantly booed by fans and clashed with manager Bobby Valentine over his playing time and was relegated to the bench for the team's postseason run. The Mets released Bonilla after the 1999 season but still owed him $5.9 million for 2000. The team worked with Bonilla's agent (Gilbert) to defer the $5.9 million - with 8% interest - to annual payments of $1,193,248.20 on July 1 from 2011 to 2035. "It's funny how the Bobby Bonilla thing has blown up," agent Nez Balelo told USA TODAY Sports in 2023, months before negotiating Shohei Ohtani's historic $700 million deal with $680 million deferred. "I just think it's because someone has been out of the game for so long, making that much money every year, it fascinates people." When does Bobby Bonilla Day end? The Mets' final "Bobby Bonilla Day" payment is set for 2035, when the six-time All-Star will be 72 years old. Though Bobby Bonilla Day remains something of a punchline and opportunity to laugh at the Mets, the team has embraced the situation since Steve Cohen bought the team. New York's new owner immediately joked about holding a Bobby Bonilla Day celebration at Citi Field, complete with an oversized check. Bobby Bonilla stats Bonilla played 2,113 career games in 16 seasons from 1986 to 2001, finishing with 287 home runs, a .279 average and an .829 OPS. Bonilla's best years came with the Pirates from 1987-1991, averaging 23 home runs and 97 RBIs per season. He was an All-Star four years in a row, winning three Silver Slugger awards, and was the 1990 NL MVP runner-up and finished third in MVP voting in 1991, his final year in Pittsburgh. He was also named an All-Star in 1993 and 1995 during his first tenure with the Mets.
