This is insane.
5.9Mil? These days that check would be written without hesitation or much regret. lol
Average salary in MLB in 1999 was 1.8Mil.
BTW, 5.9 more then they wanted to spend?? What morons. lol
New York Mets: Bobby Bonilla's 25-Year Contract Takes Effect July 1
The New York Mets gave 48-year-old third baseman Bobby Bonilla a $1,193,248 check today and will every July 1st for the next 25 years
Well, after the 1999 season, Bonilla had one-year left on his contract. The Mets wanted to get rid of him and he wanted to leave, but it would have cost them $5.9 million to buy him out. That was $5.9M more than they wanted to spend.
So owner Fred Wilpon and then-GM Steve Phillips worked out a deal. If Bonilla agreed to defer the $5.9M payment and spread it out over a 25-year span, the Mets would begin paying him back, with interest, in 11 years.
Because of the generous 8% interest rate, Bonilla's $5.9 million will become $29,831,205. He'll receive his last payment in 2035, when he turns 73 years old.