When July 1 rolls around, for most folks, it’s just the turning of another calendar page. But for Bobby Bonilla, it’s payday from the New York Mets—again. At 62, the former slugger continues to benefit from a decision by the Mets that has become the stuff of baseball legend. This marks the 15th year in a row that Bonilla pockets a cool $1,193,248.20, all thanks to a historic contract deal that secured his financial future.
Bonilla, who last donned a Mets uniform in 1999, played for the team from 1992 to 1995 before a stint with the Orioles. The kicker? Bonilla’s financial relationship with the Mets hasn’t faded; it’s thriving. The Mets released Bonilla in 1999 with a $5.9 million debt still on the books. However, they opted for a long-term solution, deferring the payments until 2035 with an interest rate of eight percent. It’s a decision that, in hindsight, wasn’t the most fiscally savvy move for the organization.
The former ownership group likely didn’t foresee the full financial gravity of their choice. A seemingly modest sum ballooned over time, and every July 1, Bonilla reaps the benefits of this unusual arrangement.
Reflecting on past conversations, Bonilla’s then-agent, Dennis Gilbert, commented back in 2018 that while Bobby is quite pleased with how things turned out, it’s rarely a topic of conversation. He noted it was unfortunate for the Mets ownership, who got caught up in the Bernie Madoff scandal. Without that hiccup, the deal might have been beneficial for both parties.
To recap—Bonilla and his agent crafted a contract in 1999 where instead of immediate payment, his debt would be deferred, resulting in a total payout of $29.8 million over 25 years. This yearly check from the Mets, nearing $1.2 million, continues to arrive each July 1. Having just banked this year’s installment, Bonilla still awaits another decade of these million-dollar summers, amounting to over $13 million in future payments.
