Why New York Mets pay retired Bobby Bonilla $1.19mn every July 1?

Despite retiring from Major League Baseball (MLB) in 2001, the New York Mets continue to pay Bobby Bonilla a big cheque every year.

July 1 marks what’s become an annual tradition for New York Mets fans: Bobby Bonilla Day.

The former MLB player, who retired in 2001 after a stint with the St. Louis Cardinals, continues to receive a cheque from the Mets each July 1 — nearly $1.2 million — for more than ten years.

This strange yet remarkable arrangement was the result of a contract negotiated by Bobby Bonilla’s agent, Dennis Gilbert.

The New York Mets agreed to a deferred payment plan instead of paying him the $6 million left on his contract when they decided to part ways with him in 1999.

Under the deal, Bobby Bonilla receives $1.19 million annually from 2011 through 2035, by which time he’ll be 72 years old.

The deal has its ties to disgraced financier Bernie Madoff and former Mets owner Fred Wilpon.

Believing he was earning more returns through investments managed by Madoff, Wilpon opted to defer Bonilla’s payment, intending to grow the money in what he thought was a solid investment plan.

However, the investment was actually part of Bernie Madoff’s infamous Ponzi scheme.

Bobby Bonilla’s agent at the time cut a deal with the New York Mets to defer payments until 2011 with 8 percent annual interest.

The agreement has left the side to pay a total of nearly $30 million to its former player on July 1, popularly known as Bobby Bonilla Day.

While Bernie Madoff was caught and sentenced to 150 years in prison before dying in 2021, but the contract lives on as one of baseball’s most unusual financial arrangements.