The 25-year deferred buyout payment from the New York Mets to Bobby Bonilla put another $1.19 million in the 57-year-old’s bank account on Wednesday.
Bonilla receives the payment each year until 2035 as part of the Mets’ deferred payment on what was a $5.9 million contract buyout. Between 2011 and 2035, Bonilla is due $1.19 million with eight percent interest because the team chose that option over paying just under $6 million in 2000.
The Mets were invested in a Bernie Madoff account promising double-digit returns. Madoff was later exposed as the mastermind of a decades-long investment ponzi scheme.
Bonilla also receives $500,000 annually from the Baltimore Orioles. In 2004, the Orioles began making payments on a deferred contract with Bonilla owed half-a-million dollars for 25 years (through 2029).
Bonilla will be 72 when the Mets make their final payment.
–Field Level Media (@FieldLevelMedia)