Last Updated: February 23rd, 2024 by Jake Cain
In the world of Major League Baseball, July 1st holds a unique and somewhat humorous significance, especially for fans of the New York Mets. It’s known informally as “Bobby Bonilla Day,” the day the Mets annually pay their former outfielder and third baseman $1.19 million, despite him having not played since 2001.
This peculiar situation, stemming from a deferred salary agreement, has become a notable moment each year and a fascinating case study in baseball finance.
To break it down, the actual number is $1,193,248.20 per year, from 2011 – 2035.
$1,193,248.20 divided by 365 days gets us to roughly $3,269 per day.
Bobby Bonilla was a star in his prime, considered one of the best power hitters during his early years with the Pittsburgh Pirates. The Mets hoped that by signing him to a then-record five-year, $29 million contract in 1991, they’d be securing a cornerstone player for their franchise.
However, Bonilla’s time in New York was marred by underperformance and controversy, including clashes with the press and management. The situation reached a boiling point when he was infamously discovered playing cards in the clubhouse while his team lost a crucial playoff game.
In 2000, the Mets decided to part ways with Bonilla, but there was a hitch: they still owed him $5.9 million.
The Mets, expecting to reap the benefits from their investments with Bernie Madoff, proposed to defer Bonilla’s salary with an 8% annual interest rate, spreading the payments over 25 years, starting from 2011.
However, as Madoff’s Ponzi scheme collapsed, so did the Mets’ financial plans. Bobby Bonilla’s $5.9 million grew to $29.8 million, which led to the annual payment that has made every July 1st a reminder of this financial blunder.
As reported by Mike Axisa of CBS Sports, this isn’t the only deferred payment plan in baseball, but it’s certainly the most infamous. Now, whenever Bonilla’s payday comes around, it raises eyebrows and ignites conversations in the baseball community.
This video breakdown of “Bobby Bonilla Day” isn’t just a retelling of the agreement details but a deeper dive into how the day came to be, what led to the decision from both parties, and how Bonilla’s smile on July 1st is perhaps the most genuine you’ll see in baseball.
It’s a day that’s marked as much by celebration for Bonilla as it is by head-shaking for the Mets and their fans.