Mets pay Bobby Bonilla $1.2 million every year on July 1st

Mets pay Bobby Bonilla $1.2 million

Bobby Bonilla Day comes around every year on July 1st. This means Bonilla will collect a check for $1,193,248.20 from the New York Mets, as he has been collecting since 2011.

In 2000, the Mets made a deal with Bonilla to buy out the remaining $5.9 million on his contract. However, instead of paying a lump sum at the time, the Mets agreed to make yearly payments of almost $1.2 million for 25 years starting on July 1, 2011, including 8% interest.

At the time, the Mets were expecting double-digit returns from a Bernie Madoff account. Madoff ran the largest Ponzi scheme in history and ruined many lives. The Mets took huge financial losses from the fraud of Bernie Madoff.

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Bonilla played for the Mets in 1999 and last played in 2001 in the majors for the Cardinals but will continue to be paid until he turns 72. He also has a deferred-contract with the Mets and Orioles that started in 2004, which pays him $500,000 a year for 25 years.

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