Well it’s that time of the year when everyone clowns the New York Mets for what’s commonly referred to as Bobby Bonilla Day.
Back in 1999 the Mets did whatever it took to rid themselves of Bonilla who was more of a distraction than a contributor for the team. At the time the Mets still owed Bonilla $5.9 million dollars, and instead of just releasing Bonilla the team wanted to free up the money a lot sooner. Both sides negotiated a buyout that deferred payments until 2011, and ending in 2035.
Under the terms, payments were deferred at an 8 percent annual interest rate. Instead of paying him $5.9 million to play out his deal, they will end up paying him $29.8 million for not playing for them.
Of course this seems like a stupid move by the Mets, but you have to dig deeper you will find the Mets are not the only team to EVER defer money on a players contract.
According to ESPN the following players/teams have agreed on deferred payments
Ramirez won’t be paid by the Athletics during his 50-game suspension, but he shouldn’t have any trouble paying the bills. The Red Sox were desperate to unload Ramirez in the summer of 2008, but they are still on the hook for $32 million over 16 years. In fact, his first deferred payment was due July 1, 2011, to the tune of $1.968 million and change. The Sox will pay Ramirez through 2026, when he’ll be 54. (Source: Boston Globe)
The Tigers owe the retired outfielder between $1 million and $2.5 million annually until 2019, stemming from a deal he signed in 2006. (Source: MLB Trade Rumors)
He’ll be getting paid by the Cincinnati Reds until 2021 thanks to deferred money from his three-year, $35 million deal signed with the team in 2010. (Source: Redlegnation)
The Mariners will be paying their franchise icon until 2032 as part of a $90 million extension he signed in 2007. Once he retires, Ichiro will be paid in installments until at least 2032 or whenever the money runs out. (Source: ESPN)
Ken Griffey Jr.
When the Reds traded for Griffey and signed him to a nine-year, $116.5 million contract in February 2000, the star outfielder agreed to defer more than half the total value ($57.5 million) so the small-market club could stay competitive financially. The money will be paid out well into Griffey’s 50s, when Junior is no longer a junior. (Source: Reds Enquirer)
So I wish everyone would STFU about Bonilla, and no need to call it Bobby Bonilla Day. My Mets have done enough dumbass things as an organization, we don’t need this on our record as if only the Mets would do something like this.
By the way, because the Mets freed up the ‘Bonilla’ money they were able to use that money to help pay for Mike Hampton in 2000. Yup, that Mike Hampton that helped us get to the 2000 World Series.
When we lost Hampton in free agency, we were reward a pick in the draft that turned into David Wright!!!!!! (Courtesy Zach Braziller of NY Post)
If there is something to be said, “It’s On Broadway” to step up and say it!!
Credit: ESPN and NY Post