WAY OT: Mets paying Bobby Bonilla until 2035????

Submitted by rb4kb8 on August 24th, 2010 at 3:11 PM

 

http://mlb-facts-and-rumors.blogs.cbssports.com/mcc/blogs/entry/22297882/24087594

"Ask the Mets how much they enjoy having to pay Bobby Bonilla $1.1 million from 2011 to 2035 after he last played for the Mets in 1999."


I realize this really doesn't have much to do with UM, but seriously? 

Maybe Gary Bettman needs to get on the case and start investigating baseball contracts... ha.

And after further investigation... it's true.. nice retirement package.

Comments

Laveranues

August 24th, 2010 at 3:19 PM ^

A lot of those massive MLB contracts have tons of deferred money (for many, the deferred money is even interest-free, so the contracts are slightly less huge than they appear).

I think I remember hearing that A-Rod's original 10yr / $255M deal had deferred payments for 15 or 20 years after the end of the contract.

van

August 24th, 2010 at 3:47 PM ^

It's a big market team that spends freely and makes terrible decisions and has almost no long-terms planning. There's zero sympathy from other fan bases and deservedly so. 

ej3000

August 24th, 2010 at 3:59 PM ^

He was owed ~$6M. and they negotiated a deal where instead of paying him the $6M, they would pay him $1.1 for 25 years.

The payments were deffered from 2000 to 2010 (approx), and were discounted at a pretty good interest rate for Bonilla.

The Mets freed up $6.0 in salary when they were competing for championships and basically restructured it into a 25 year annuity starting in 2010.