BOBBY BONILLA DAY: WHY DOES HE GET $1.19 MILLION EVERY YEAR ON THIS DAY?

On July 1 every year, Mets fans across the globe with each other on Bobby Bonilla Day, but what is it?

Bobby Bonilla is a 59-years-old retired baseball player who played in MLB for various teams, including Chicago White Sox, Pittsburgh Pirates, New York Mets, Baltimore Orioles, Florida Marlins, Los Angeles Dodgers, Atlanta Braves, and St. Louis Cardinals.

Chicago White Sox drafted Bonilla in 1986 under rule 5 of the MLB draft. After playing for 15 years in MLB, he played his last season for St. Louis Cardinals in 2001. After that, he announced his retirement from baseball. Throughout his career, he made several records and received many awards such as “six times all-star,” “world series champion,” and “three times silver slugger.”

STORY BEHIND BOBBY BONILLA DAY

Bobby Bonilla will receive $1,193,248.20 each year on July 1. This notion started in 2011 and will last until 2035. Still, the more interesting fact is that when they acquired Bonilla again in 1999, they agreed to pay him annually for 25 years with an 8% interest rate rather than paying him $5.9 million at that time; that was the total worth of the contract.

Bernie Madoff was the franchise owner at that time, and he promised 2-digits returns and the Mets would enjoy huge profits; however, his plans failed, leading the Mets to bear losses. Remember that other teams also pay some of their player the same Mets does to Bonilla.

On July 1, 2022, the current owner of Mets, Steven Cohen, tweeted wishing everyone Happy Bobby Bonilla Day. “I hope everybody is enjoying my favorite day of the year, Bobby Bonilla Day.” Steven Cohen said.

Another enticing fact about Bobby Bonilla day is that Bonilla will keep receiving cash from Mets until he reaches 72, despite the fact that he retired in 2001. Mentioned below are some other examples of cases similar to Bobby Bonilla Day.

• Bonilla also receives deferred payments from Orioles, and they started paying him in 2004 and will continue receiving $500,000 from them each year for 25 years.
• Bret Saberhagen is another name in basketball who also receive differed payments from Mets worth $250,000. According to their term, Saberhagen will also receive this amount for 25 years. Moreover, his payments started in 2004 and will end in 2029.
• As mentioned earlier, Mets are not the only ones who are engaged in deferred payment similar to Bobby Bonilla Day. Apart from Oriels, the Nationals also pay their ex-player, Max Scherzer, a lump sum of $105 million yearly. The last payment will be made in 2028.
• Manny Ramirez, who played for Red Rox, will receive $24.2million till 2026. Ramirez joined Red Rox in 2001.
• Ken Griffey Jr. is another retired player for Red Rox who will receive checks worth $3.59 million through 2024.
• Todd Helton will also receive $1.3 million from the Rockies every year for a total duration of 25 years. His payment deferral was mutually decided after a two years contract extension in 2010.

BOBBY BONILLA DAY: COMPARING THE CURRENT SALARIES STRUCTURE WITH BONILLA’S $1.19 MILLION

There are various players who start their career with annual salaries more minor than that of Bonilla’s yearly payment that he receives from the Mets. Mentioned below are some of the prominent baseball players whose yearly wages are less than Bobby Bonilla Day-the total amount he receives.