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 Post subject: Bobby Bonilla
PostPosted: Wed Jul 01, 2015 8:53 am 
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Collects 1.2 Million today from the Mets, and every year on July 1st until he is 72 years old.

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After his subpar 1999 season, the Mets released Bonilla, but still owed him $5.9 million. Bonilla and his agent offered the Mets a deal: Bonilla would defer payment for a decade, and the Mets would pay him an annual paycheck of $1.19 million starting in 2011 and ending in 2035, adding up to a total payout of $29.8 million.[11][12] Mets owner Fred Wilpon accepted the deal mostly because he was heavily invested with Ponzi scheme operator Bernie Madoff, and the 10 percent returns he thought he was getting on his investments with Madoff outweighed the 8 percent interest the Mets would be paying on Bonilla's initial $5.9 million. As a result, the payout was a subject of inquiry during the Madoff investment scandal

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 Post subject: Re: Bobby Bonilla
PostPosted: Wed Jul 01, 2015 8:56 am 
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Shoutout to whoever his agent his that got him that contract also.

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 Post subject: Re: Bobby Bonilla
PostPosted: Wed Jul 01, 2015 9:00 am 
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The time value of money. Who'd have thought back then that money was nearly free (low inflation, a strong dollar, and near zero interest rates on short term borrowing)?

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 Post subject: Re: Bobby Bonilla
PostPosted: Thu Jul 02, 2015 10:07 pm 
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There was a guy who played in the ABA, I can't remember his name right now but it's in a book I have, who had a similarly ridiculous contract and still might be getting paid today. Although I think the terms of the deal have finally expired he was getting paid long after the ABA went out of business.


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 Post subject: Re: Bobby Bonilla
PostPosted: Thu Jul 02, 2015 10:24 pm 
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Tad Queasy wrote:
There was a guy who played in the ABA, I can't remember his name right now but it's in a book I have, who had a similarly ridiculous contract and still might be getting paid today. Although I think the terms of the deal have finally expired he was getting paid long after the ABA went out of business.

Was that guy the owner of the St. Louis Hawks?
Because THAT is the best contract ever signed.

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 Post subject: Re: Bobby Bonilla
PostPosted: Thu Jul 02, 2015 10:29 pm 
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Spirits of St. Louis, and I think the NBA finally bought them out a year or two ago.

The Rick DiPietro buyout is roughly along these lines, except I think Bobby Bonilla was actually good at one point.

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 Post subject: Re: Bobby Bonilla
PostPosted: Fri Jul 03, 2015 9:39 am 
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The 2 Brothers who owned the Spirit of St Louis kept TV rights, as if they stil existed. So when the ABA folded and the NBA took 4 teams...they basically took 5 teams when it came to splitting TV deal money....they have been collecting millions for years...

Last year the NBA gave them $500 MILL to end their rights....and I think they collected another $500 mill leading up to that point....

EVERY SINGLE PRO SPORTS OWNER, bought for that reason. They bought for the media rights. Its why the Tribune bought the Cubs, its why Jerry and Eddie bought the Sox...Maybe the exception is Balmer, who had his $20 bill and could care less about the media rights...

Regardless, I think they did OK

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 Post subject: Re: Bobby Bonilla
PostPosted: Fri Jul 03, 2015 10:02 am 
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i wanna buy tv rights...

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 Post subject: Re: Bobby Bonilla
PostPosted: Fri Jul 03, 2015 9:08 pm 
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I always get him confused with Bonnie Bedelia.

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