Amid Performance Struggles, Deep-Pocketed New York Mets Hash Out $1.19 Million to Celebrate Special July 1 Occasion

Baseball season brings with it several exciting events to look forward to. But one of the season’s best days for ballplayers is July 1st. After all, who doesn’t relish payday? Due to MLB’s unique salary structure, some players receive paychecks even after leaving the team or retiring from the sport entirely. The New York Mets are one franchise in such a situation each year.

Thanks to billionaire owner Steve Cohen, the current roster is the highest-paid MLB team in 2023. While their on-field performance may not reflect it, Cohen has some cash to spare. And today, he’s spending it on a former athlete who has not played in MLB in more than 20 years.

New York Mets wish everyone a Happy Bobby Bonilla Day!

Bobby Bonilla, a retired ballplayer, is a massive name in baseball owing to the deferred salary trend he started at the beginning of the century. Due to some decisions made by former Mets owner Fred Wilpon concerning disgraced financier Bernie Madoff, Bonilla receives an annual paycheck of around $1.19 million. The deal is set to be seen through 2035.

Bonilla last played for the New York team in 1999, when the front office wanted to let him go. But since the third baseman still had $6 million left on his contract, his agent rigged a lifetime deal. Thanks to Dennis Gilbert’s efforts, the Mets agreed to pay Bonilla nearly $1.2 million for 25 years with a negotiated 8% interest.

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For the unversed, Bernie Madoff was the criminal mastermind behind the largest Ponzi scheme in history. Back then, the Wilson Family had invested the Mets’ ownership into a Madoff account that ultimately failed to deliver the promised profits.

Today, the team has freely embraced Bobby Bonilla Day, with even Steve Cohen posting about it! And as it turns out, Bonilla is one of many players who receive these unique benefits.

Manny Ramirez, Ken Griffey Jr., and Max Scherzer share the same fate as Bonilla

Like Bobby Bonilla, several others also receive paychecks after they left their respective teams. Two of them are the retired baseballers Manny Ramirez and Ken Griffey Jr. The Boston Red Sox are set to pay the former $24.2 million through 2026, while the Cincinnati Reds will spend the latter $3.59 million through 2024. And current Mets player Max Scherzer is also on this impressive list, to whom the Washington Nationals will pay $105 million for 25 years. Interestingly, as a second deferred contract plan, Bonilla also receives paychecks worth $500,000 from the Baltimore Orioles, a deal set to expire after 2029.

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Bonilla wasn’t the first deferred salary contract of its kind, but it’s undoubtedly the most celebrated. He remains the only player to receive a baseball salary until he’s 72!