Did you know the New York Mets are paying $1,193,248 to a 49 year old third baseman who hasn’t played professional baseball since 2001? That’s right former All-Star Bobby Bonilla is under contract with the Mets until 2035 and will be paid a lump sum payment of 1.1 million dollars every July 01st until he is the ripe old age of 73.
This Met Money fiasco all began in 1999 when the Mets Management wanted to cut ties with an aging overpaid Bobby-Bo however were reluctant to pony up the remaining $5.9 million on his contract.
So in their infinite wisdom Mets owner Fred Wilpon and then-GM Steve Phillips offered Bonilla a buyout with a twist.
The Mets would buyout Bonilla and defer his remaining $5.9 million for 11 years whereupon they would then begin paying a yearly lump sum for the next 25 years, Bonilla and his agent agreed to the unique buyout at a yearly interest rate of 8%. Continue reading Show Me The Money- A Look At The Mets Ex-Wife