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Happy Bobby Bonilla Day!

Jul 1, 2011, 1:20 PM EDT

bobby bonilla steve phillips bobby valentine mets

Everyone knows that the Mets will be paying Bobby Bonilla deferred money until sometime in the middle of this century.  But what most people don’t know is that those deferred payments actually begin today!

I was reminded of that by Ducky Medwick (not that Ducky Medwick) of the Deadballers website, who recalls the contract provision that everyone who wants to hate on the Mets reaches for even though there are way worse contracts given out by teams all the time, even if they’re not as unorthodox.

Anyway, if I’m Bobby Bo, I go to a bar in New York tonight and yell “drinks on the Mets!” and make about 100 new friends.

  1. foreverchipper10 - Jul 1, 2011 at 1:48 PM

    How….what…….um…..good for Bobby Bo.

  2. ThatGuy - Jul 1, 2011 at 2:11 PM

    How smart do you have to be to do simply math. Let’s see, we can pay him 5.9 million now. Or we can spread it out over 20 years and pay him 20+ Million. Yep lets quadruple the amount we owe him just so he won’t play for us.

    • kopy - Jul 1, 2011 at 2:41 PM

      Well, there’s this thing called the time value of money. If Bonilla’s $5.9 million was invested at an 8% interest rate, the Mets could pay him the $1.2 million for the 24 years and come out even. If they got a better rate, they win. I hope you have someone else managing your money.

      • browngoat25 - Jul 1, 2011 at 3:19 PM

        The Mets probably invested this money with Madoff…

      • bbk1000 - Jul 1, 2011 at 3:59 PM

        Obviously the team expected the ridiculous return rates they were getting to pay for this contract and then some, but so far it sounds like they turned a blind eye. We’ll see when the trial begins. If he is truly innocent this will go to trial, but it’s hard to believe someone could be so naive.

      • deep64blue - Jul 1, 2011 at 5:08 PM

        They DID invest it with Madoff – they counted on the high returns he was generating to make it pay!!

  3. uuddlrlrbastart - Jul 1, 2011 at 3:47 PM

    After seeing some of the players (and salaries) still listed as creditors to the Dodgers, I don’t feel quite as bad about this as I used to. And just to play a little Six Degrees of Separation, in deferring Bonilla’s contract the Mets were able to trade for Mike Hampton (who had a 4.6 WAR season) and when Hampton signed with the Rockies the following offseason, the Mets used their compensation pick on David Wright. I’d say that’s worth $1 million a year for 25 years or whatever it is.

    • Ducky Medwick - Jul 1, 2011 at 3:55 PM

      Well done. Well done indeed.

  4. goforthanddie - Jul 1, 2011 at 5:31 PM

    1mil/year isn’t worth mentioning. And smart move by Bonilla.

  5. royalsfaninfargo - Jul 1, 2011 at 5:34 PM

    The funniest part of this whole thing is that after all the horrible moves that Steve Phillips made with the Mets, he is actually taken seriously on ESPN.

  6. xmatt0926x - Jul 1, 2011 at 5:39 PM

    I know you can’t tell a player how to take his pay and many people find this deal to be outrageous, but on a side note think about all the big time athletes in all sports who we hear about going bankrupt 5 years after retirement. Wouldn’t they benefit if a certain portion of their contract was paid like this? if I remember correctly from the story I read about Bonilla, his then wife made him take this deal because he was the typical big spender on the usual cars and mansions and she knew he’s be broke in a few years if he didn’t take this deal. Think about all the broke athletes who would now wish they had done something like this when they signed their contract.

    • Ducky Medwick - Jul 1, 2011 at 6:06 PM

      I guess it’s not the agent’s responsibility to make sure they get an IRA set up. Agreed super wise move by Bobby, and not really that dumb of a move by New York… but for the Madoff/Einhorn hilarity.

      • Kevin S. - Jul 1, 2011 at 8:00 PM

        The good ones have financial advisors and such on retainer to assist their clients in managing their wealth.

    • pherrisphain - Jul 1, 2011 at 6:13 PM

      Heard a clip of the consummate bullshitter today, that would be Curt Schilling who made over $100 million in his playing days. He was talking about his latest business and lamented as to how he would like to be able to retire someday. Of course all of this came after his spewed on and on about his reichwing family values crap. Yeah, Shilling really needs to work. If he does, he is dumber than I could have imagined.

  7. Gobias Industries - Jul 1, 2011 at 6:16 PM

    Dead horse. Beaten.

  8. jwbiii - Jul 1, 2011 at 8:07 PM

    Bonilla gave the Mets a $5.9M loan at 0.5% under prime. I don’t see why either side should be unhappy with the arrangement.

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