Every July 1st until 2035, Bobby Bonilla receives a nice little pay day from the New York Mets. TSN baseball insider Steve Phillips talks about the infamous Bobby Bonilla 25 year buyout with the Mets that Phillips was involved in.
this story is over 20 yrs old. There are 9 guys getting more money. Like Jr Griffey. Every year the media plays it like its brand new. Its soft cheese. Lazy work.
No...just something wrong with your lack of understanding of compound interest. The ONLY thing that went wrong for the Wilpons in this deal was that Madoff got caught. The Wilpons got away with it, but they were very likely ION ON THE Ponzi Scheme all along. (Not so coincidentally, these two very smart business people had already been "scammed" in another Ponzi Scheme. Also run by a close friend, like Madoff was. But because they WERE so close friends, in BOTH instances, they got in so early that they made a LOT of money. They made WAY more than 8% And when the Scheme was uncovered, they cut an incredibly lenient deal and only had to pay back a fraction of what they made. They still came out way ahead. The only people who think that this was a bad move by the Wilpons are morons who would take the annual payments if they won a lottery jackpot.
@@littleblackduck3134not necessarily dumb at all. Just look at it this way. That million dollar which was deferred each year was earning interest or was invested at a decent rate of return. Also, a million dollars against the salary cap isn’t very much.
Allen Iverson has a similar story with his shoe deal. Someone on his team set up a deferred deal. He is getting $800,000 a year for life and access to a $32 million trust fund at the age of 55. In his case he went bankrupt and without that deal would be broke.
He wouldn't have had to worry about them if he had taken the $5.9 million In fact, if he invested DECENTLY during the stock market boom of the 00s, he likely would be able to pay himself an annuity of MORE than $1.1 million...and for the rest of his life...Not just 25 years. Getting 8% return on investment in the 200s was EASY. Especially for people who had a lot of money to begin with.,
Hey this is the joy of what being a Mets fan entails. Another Bobby Bonilla Day; our native dude from the Bronx. And Bernie Madoff? You can't make this up. Oh My God.😝😝
Bonilla gets about 1.2 million every July 1 from the Mets. 1.2 million for an organization like the Mets is pennies. Bonilla never has to worry about his finances. Everyone needs an agent like his.
Why doesn’t the sports media world bring up all the other players that are still getting paid like this LONG after retirement? Where’s there anniversary videos, and snarky comments for them?
Although this isn't the only long term deferral arrangement, it's definitely the best example. Plus that Bernie Madoff angle makes this one even more notable. At least the team has embraced this day now and can make a celebration out of it, giving them an extra little marketing perk.
Besides the Bernie Madoff angle, this one sticks out because Bonilla was such a jerk and a bust as a Met. It's the last type of person who should be getting this kind of money actually getting this kind of money. Nice guy Joe Blow getting deferred money to cover his old age is smart business, but not that attention-grabbing.
I have a questions, Is the current team ownership responsible for paying off the contract or does it still lay with the previous Owners? And it its the current owners responsibility, why dont they just cash Bonnila out and rid themselves from this annual humiliation?
Still being paid by current ownership. My guess is with the Mets current payroll its more cost effective to just pay the 1 million a year then cashing him out for 20+ million
Are the Orioles still paying him? If I'm not mistaken they owed him 5 M and worked out a deal for 1M yearly over 20 years. Does anyone know if that is factual?
It’s the Dodgers who will have the last laugh and already laughing. Ohtani is bringing in millions and eventually billions for the Dodgers. Look at all the advertising revenue the Dodgers are receiving from Japanese companies. Also, the Dodgers are counting on inflation and a rising salary cap. This move also pushes the bar for other teams. It was like with Shaq. If Ohtani is worth 700 million then an upcoming star might be worth 500 million. Now franchises have to pony up or decide to let the player go. The Dodgers have other expiring contracts which are more front loaded. Chris Taylor is like 30 million but once he’s done that frees up cap space. Ohtani is only taking up 2 million in cap space each year for 10 years.
@@f430ferrari5 no upcoming mlb star is worth more than $500M because they aren’t international. It’s a money pit for the rest of the guys. Why do you think none of them can sign a decent endorsement deal … only Ohtani can command $60-70M in endorsements per year. The rest are small fishes in a big pond
@@f430ferrari5they’re paying him betts and freeman and many others till 2043 get your facts right. They’re in a win now mindset. There is no way after these guys are gone the dodgers will have any financial stability,like paying their catcher 9.5m till 2034.😂
It’s sad that Bonilla seemed to be a pretty solid teammate with the Pirates, but after leaving Pittsburgh the wheels seemed to fall off. The Mets made the best of a bad situation with the buyout, but who knew that the Madoff riches were a fraud?
it always kills me how you can blame a guy, YOU sought YOU signed YOU are making money off of but he cant take care of his family and his financial concerns. Through the whole story all bobby wanted was to play everyday isnt that why you signed him????????
What the fuck are you babbling about? How was him not playing every day (since he was no longer good enough) making it so he can't take care of his family?
So they sign him with the promise of playing every day. Then they go back on that deal. Then they act surprised when he gets upset and isn’t a company man. Then they get greedy and invest poorly and then they accuse him of being greedy and not a good teammate. Lol. Muck the Fets!
When you are in on the ground floor of a Ponzi Scheme...because you are close friends with the criminal running it (and many say they were part of it as well...since they were involved in TWO Ponzi Schemes..and both times got in so early that they made a LOT of money on it.) then you don't want to diversify
