Mets to sign Bobby Bonilla at age 47 until 2035 (1 Viewer)

[cdogg]

well, no not really. But they will be paying him until then because they didn't want to give him some money back in 1999, so they have to give him alot of money for the next 25.

SAN JUAN, P.R.—One year from today, the Mets will add to their payroll a 47-year-old, past-his-prime power hitter who has a reputation as a malcontent—a player who has been retired from professional baseball for nine years and won't play another game again.

Nevertheless, starting on July 1, 2011, Bobby Bonilla will remain on the franchise's payroll for 25 years, collecting an annual salary of $1,193,248.20. Those are the terms the Mets agreed to Jan. 3, 2000, when they bought out the final year of Mr. Bonilla's contract.

"That beautiful thing," he said here Monday.

Because the Mets are repaying him with interest, Mr. Bonilla will earn $29,831,205 between 2011 and 2035—more than he earned in his first contract with the Mets.

 

[crosswatt]

link

 

[geauxboy]

Now Bobby will be making more than Barry from baseball.

 

[Dave Worth]

Pretty awesome. Not hating or loving on anyone - just pretty cool for Bonilla.

If he's one of those athletes that blew all of his career earnings, he's got more coming. If not, he's got more coming.

 

[atceagle]

I want his agent.

 

[kcirdor]

That is a awesome retirement.

 

[Sarcastic]

Talk about a pension plan. Good for him.

 

[wbbigtymer]

To be honest, if he's still got his health at 47, he arguably has it better than virtually all current NFL stars.

 

[Beast]

You heard it here first.. Bobby Bonilla to claim bankruptcy in 2036..

 

[buzd]

I want his agent.

And his lawyer.

 

[SWJJ]

I just want his money.

 

[Geldo]

He sounds like an ice-cream flavour....

 

[where yat brah]

How Bobby Bonilla Landed The Luckiest Baseball Contract Ever | Celebrity Net Worth

The Bernie Madoff Connection

In 1986, Real estate developer Fred Wilpon purchased 50% of The New York Mets for an undisclosed sum. He purchased the remaining 50% for $135 million in 2002. Wilpon was also one of the biggest investors in Bernie Madoff's Ponzi scheme hedge fund. Prior to the fund's December 2008 collapse, Madoff was returning a consistent (and completely fake) double digit rate of return every year. With those returns in mind, Wilpon knew that The Mets would actually make a huge profit by deferring Bonilla's $5.9 million. Even though that meant agreeing to pay him more than five times the amount they owed ($29.8 million), Wilpon could safely estimate that the Mets would make $60-70 million off $5.9 million over those 25 years investing with Madoff.

Wilpon, who was under the false impression that he had made $300 million investing with Madoff, had potentially lost as much as $700 million. Not only did this completely invalidate the justification for Bobby Bonilla's contract but it almost forced Wilpon to sell The Mets to cover his debts. In 2011, Wilpon nearly sold 50% of The Mets to a billionaire hedge fund manager named David Einhorn, but was eventually saved by loans from Major League Baseball and Bank of America. Bobby Bonilla meanwhile is living the good life. In January of 2013 he received a direct deposit from The Mets for $1.192 million and in February he celebrated his 50th birthday.

 

[Firecross]

Steve Young still gets paid from his contract from the USFL, lol. Pretty funny.

 

[xaeniac]

I can see a cracked article on this.....