For more than a couple of MLB ex-players and players, July 1 is a big day on the baseball calendar. Its the day lots of signing perks and deferred income payments (or portions thereof) are made. Must be enjoyable examining that direct deposit each year, huh?
As part of a postponed wage plan, the New York Mets have paid Bonilla a touch more than $1.19 million ($ 1,193,248.20 to be specific) each July 1 given that 2011, and will continue doing so till 2035. Bonilla, now 57, will be 72 when the last payment is made.
The Mets signed Bonilla to a five-year contract worth $29 million in 1991 that was the wealthiest agreement in team sports at the time. He spent the first three and a half seasons of that contract with New York prior to being traded away. Bonilla won a World Series with the Marlins in 1997 and was later on traded back to the Mets as part of their post-championship fire sale.
The Mets released Bonilla in January 2000 however were still on the hook for his $5.9 million salary that season. Thinking they were poised to make a substantial revenue through their financial investments with Bernie Madoff, Mets ownership instead concurred to postpone Bonillas income with 8 percent interest and spread it across 25 years from 2011-35.
Well, the Madoff ponzi scheme broke down, and Bonillas $5.9 million swelled to $29.8 million from 2000-11. That $29.8 million divided by 25 years equates to the annual $1.19 million payment. CBS Sports created a bobblehead to commemorate Bonillas yearly credits:
Long live the CBS Sports Bobblehead Project.
CBS Sports
Bonillas postponed wage with the Mets is the most popular July 1 payment in baseball, hands down, however it is not the only July 1 payment in the game. Bonilla himself has a second deferred wage arrangement with the Orioles.
Here are a few other notable delayed salary payment plans:
The Reds have paid Ken Griffey Jr. around $3.6 million each year given that 2009 and will continue to do so through 2021.
The Red Sox have actually paid Manny Ramirez roughly $2 million each year given that 2011 and will continue to do so through 2026.
The White Sox have paid Paul Konerko $1 million each year because 2014 and will continue to do so through 2021.
As part of a delayed salary plan, the New York Mets have actually paid Bonilla a touch more than $1.19 million ($ 1,193,248.20 to be precise) each July 1 because 2011, and will continue doing so till 2035. The Mets signed Bonilla to a five-year agreement worth $29 million in 1991 that was the wealthiest contract in team sports at the time. Well, the Madoff ponzi scheme fell apart, and Bonillas $5.9 million swelled to $29.8 million from 2000-11. The Braves have actually paid Hall of Fame closer Bruce Sutter approximately $1.2 million each year given that 1991. Theyre paying Rafael Soriano roughly $2 million every year through 2024, Max Scherzer is owed $15 million a year from 2022-28, and Stephen Strasburg has roughly $114 million in deferred income coming to him through 2029.
The Nationals tend to fill up their largest agreements with wage deferments. Theyre paying Rafael Soriano roughly $2 million yearly through 2024, Max Scherzer is owed $15 million a year from 2022-28, and Stephen Strasburg has around $114 million in postponed income coming to him through 2029. Okay work if you can get it.
It ought to be noted Bonillas annual payment and other deferred wage payments are not subject to the March agreement that gives players prorated pay this season. Bonilla is not on a 40-man roster and the terms of the March agreement do not use to him. He gets his complete $1.19 million from the Mets on Wednesday.
The Braves have paid Hall of Fame closer Bruce Sutter roughly $1.2 million each year considering that 1991. Next year is the last year of Sutters postponed wage plan. The team also owes him a $9.1 million swelling amount payment in 2022..
The Mets have paid Bret Saberhagen $250,000 each year given that 2004 and will continue to do so through 2028.
