Bobby Bonilla Day: Annual Deferred Payment by New York Mets Explained
Every July 1, former MLB player Bobby Bonilla receives $1.19 million from the New York Mets as part of a deferred payment agreement made in 2000. The payments began in 2011 and will continue through 2035, including an 8% interest rate that increased the total payout. The Mets initially deferred the $5.9 million owed, expecting investment returns tied to Bernie Madoff, which did not materialize. Similar deferred contracts exist for other players like Bret Saberhagen and Manny Ramirez.