Latest news with #BobbyBonillaDay
Washington Post
3 hours ago
- Politics
- Washington Post
Democrats grapple with the party's ‘defund the police' past
Good morning, Early Birds. How did you celebrate Bobby Bonilla Day? Send tips to earlytips@ Thanks for waking up with us. In today's edition … Democrats grapple with policing headed into 2026 … All eyes on Susan Collins … You give us your views on being American … but first …
Yahoo
6 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
9 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.
New York Times
19 hours ago
- Business
- New York Times
What is Bobby Bonilla Day? Explaining MLB's history of deferred contracts
When the New York Mets flip their calendar to July 1, it's time for them to send an annual check to Bobby Bonilla. Bobby Bonilla Day has become an unofficial, quirky and beloved annual holiday for baseball fans. On Tuesday, Bonilla will receive $1.9 million from the Mets as part of the deferred payment structure of a former contract. From 2011 to 2035, Bonilla gets a check every July 1. Bonilla will be 72 years old when he receives his final Mets check. Advertisement Bonilla's is the most famous deferred deal in MLB history, but other players have received similar contract structures, including Los Angeles Dodgers two-way superstar Shohei Ohtani. How did Bonilla get this deal, and who else has one? Let's dive in. Ahead of the 1997 season, Bonilla signed a four-year, $23.3 million contract with the Miami Marlins. He won the World Series with the Marlins that year, but the club traded him during the following year to the Dodgers. Bonilla finished out the 1998 season before being traded back to the Mets in November, the franchise with which he was an All-Star in 1993 and 1995. But Bonilla had a rough 1999 season with the Mets, marred by a tense relationship with manager Bobby Valentine and hitting .160 in only 60 games. The club wanted to move on from Bonilla in the offseason and agreed to buy out the remaining $5.9 million on his contract. But instead of giving the right fielder a lump sum, the Mets and Bonilla's agent, Dennis Gilbert, negotiated a 25-year deferred payment plan with eight percent interest starting on July 1, 2011. Bonilla went on to play two more MLB seasons — 2000 with the Atlanta Braves and 2001 with the St. Louis Cardinals — before he retired. Across 16 major-league seasons, Bonilla batted .279 with 2,010 hits and 287 home runs in 2,113 regular-season games, earned six All-Star selections and won three Silver Slugger awards. He played for eight teams. The reason a team might want to defer a player's salary or any remaining contract owed is largely to retain financial flexibility in the short term. That is what made the Dodgers' deal with Ohtani so fascinating: Ohtani will be paid just $2 million a year in each of the 10 years of his deal, then he will receive $68 million per year from 2034 through 2043, making Bonilla's deal look like penny stocks. Advertisement Speaking of stocks, the Mets originally offered Bonilla the deferred payments of the $5.9 million they owed him because they thought they could exceed the deferral payments by investing that $5.9 million in Bernie Madoff's fund, which, up until that point, had produced meaningful returns for then-Mets owner Fred Wilpon. Madoff's fund, of course, turned out to be a Ponzi scheme. The payments owed to Bonilla remain intact. As for Bonilla and other players like Ohtani, the value of the deferred payment is that, over time, the money accrued surpasses the money originally owed, even accounting for basic principles of finance that a dollar today is worth more than a dollar years from now. If the player can afford to defer the payments (and is certain the team can continue making those contractually obligated payments well into the future, which is a safe bet with an MLB team), the payoff can dramatically exceed what the team could pay you in the present day, as Bonilla and Mets fans celebrate annually. — Dan Shanoff, sports business managing editor Team owner Steve Cohen has acknowledged the intrigue surrounding Bobby Bonilla Day. After buying the team in 2020, Cohen suggested to a fan on X that the Mets could lean into the holiday and present Bonilla with a big check at Citi Field every July 1. Let's take a vote .How about we have a Bobby Bonilla day every year .Hand him an oversized check and drive a lap around the be fun — Steven Cohen (@StevenACohen2) November 20, 2020 Cohen and the Mets have never done this, but instead, planned an Airbnb promotion in honor of Bobby Bonilla Day in 2021 for four fans to rent a VIP suite and spend the night at Citi Field. The Dodgers signed Ohtani to a 10-year, $700 million contract in 2023 that included a series of unprecedented deferrals, paying him $68 million per year over nine years. The deferred money is to be paid out without interest and gives the Dodgers payroll flexibility. Other notable deferrals:
Yahoo
20 hours ago
- Business
- Yahoo
The Milwaukee Bucks Bobby Bonilla'd Damian Lillard
A very happy and topical Bobby Bonilla Day to Damian Lillard, formerly of the Milwaukee Bucks. On Tuesday, the point guard was waived by a franchise desperate to hold onto Giannis Antetokounmpo in the immediate aftermath of the Bucks signing center Myles Turner to a massive four-year, $107 million deal after helping the Indiana Pacers win the Eastern Conference just weeks ago. Advertisement The money for Turner's contract had to come from somewhere — and because god forbid a team have to go over the second apron — Lillard's $113 million contract became the inevitable casualty. The Bucks weren't just going to hand that all over in a lump sum, however. Not when there's creative math to rely on. BOBBY BONILLA DAY: How much he's earned from Mets through 2025 According to ESPN's Shams Charania, the Bucks are "stretching the remaining" salary on Lillard's contract over the next five seasons: In a scarce market during the early days of free agency, Bucks general manager [Jon Horst] and CAA Co-Head of Basketball Austin Brown partnered on executing a complex, massive deal to reshape Milwaukee and allow the franchise to retool aggressively again around Giannis Antetokounmpo. The Bucks have re-signed Bobby Portis, sharpshooter Gary Trent Jr., forward Taurean Prince and guard Kevin Porter Jr. this offseason, while losing Lopez, who signed with the LA Clippers. The Bucks had visions of attempting to acquire Turner, but had no pathway due to their salary restrictions, but Horst and Brown huddled on Monday and Tuesday to create an opening. Perhaps it's no coincidence the "opening" they were searching for appeared on July 1, the day the sports world collectively laughs at the New York Mets' outlandish deal with Bobby Bonilla defer millions in salary. Lillard will get his money, that's the most important part here. Advertisement It may also be the last major payday of his pro career, so stretching it out isn't exactly the worst news. After rupturing his Achilles tendon in the playoffs, the guard will likely need a full year to recover. When he returns, he'll be 36 years old with quite a few question marks. It doesn't feel like a stretch to say the Bucks will still be paying Lillard after he's retired. And that, friends, is the best possible way to celebrate Bobby Bonilla Day there is. This article originally appeared on For The Win: The Milwaukee Bucks Bobby Bonilla'd Damian Lillard
