Today is July 1st. You know what that means right? It’s Bobby Bonnilla Day!
Bobby Bonilla was a 16 year MLB vet that played for eight different teams. He amassed over 2,000 hits and 287 home runs over the course of his career. At the age of 36, Bonilla was playing for the New York Mets. Because of a decline in ability, the Mets decided to buy Bonilla out of the $5.9 Million remaining on his contract. Instead of paying that in a lump sum, the Mets and Bonilla agreed that he would get these payments in installments.
Now every July 1st between 2011 until 2035, Bonilla receives a nice $1.19 million dollar payout from the Mets.
The Mets were invested with Bernie Madoff and expected to be worth millions upon millions of dollars by this point. That obviously didn’t happen.
Bonilla will collect this payment until he is 72 years old! Talk about a great retirement plan!