Raptors Forum | Toronto Raptors Forums & Message Boards

Raptors Forum | Toronto Raptors Forums & Message Boards (http://www.raptorsforum.com/f/)
-   Other Sports (http://www.raptorsforum.com/f/f47/)
-   -   Bobby Bonilla worst contract is sports history? (http://www.raptorsforum.com/f/f47/bobby-bonilla-worst-contract-sports-history-20760.html)

jeffb 07-08-2011 12:02 PM

Bobby Bonilla worst contract is sports history?
 
:haha: 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


Quote:

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.
New York Mets: Bobby Bonilla's 25-Year Contract Takes Effect July 1

Dark Knight 07-08-2011 12:09 PM

Cash for life! :cookie:

js12 07-08-2011 12:15 PM

Quote:

Originally Posted by Dark Knight (Post 558434)
Cash for life! :cookie:

Ach, the things I would do with $1.2 M every year!

powerfulpanda 07-08-2011 12:19 PM

altho this is only in nominal dollars and doesn't take into account the time value of money. it is still a horrible deal for the mets. you would think with wall street close by they would make better financial decisions......but its the Mets afterall

jeffb 07-08-2011 12:22 PM

Quote:

Originally Posted by powerfulpanda (Post 558442)
altho this is only in nominal dollars and doesn't take into account the time value of money. it is still a horrible deal for the mets. you would think with wall street close by they would make better financial decisions......but its the Mets afterall

What kills me the most is "His contract was 5.9Mil, which was 5.9Mil more then they wanted to pay".

:roflmao:

I guess they prefered to pay 30Mil.

powerfulpanda 07-08-2011 12:30 PM

Quote:

Originally Posted by jeffb (Post 558445)
What kills me the most is "His contract was 5.9Mil, which was 5.9Mil more then they wanted to pay".

:roflmao:

I guess they prefered to pay 30Mil.

a penny save is a penny earned





.....does not apply here

jeffb 07-08-2011 12:33 PM

Quote:

Originally Posted by powerfulpanda (Post 558450)
a penny save is a penny earned





.....does not apply here


Wonder where those bean counters are now? lol


I guess there's no way to buy out the buyout??

Windex 07-08-2011 10:16 PM

he gets a royalty off the Mets stupidity

Dark Knight 07-08-2011 10:29 PM

"Hello, fellows, look in your bank account, now back to mine, now back at yours, now back to mine. Sadly, it isn't mine, but if you played for the Mets, it could look like mine. Look down, back up, where are you? You’re on a boat that you bought with the Mets-- er, your money. What’s in your hand, back at me. I have it, it’s another paycheck. Look again, the check is now 3 beautiful women. Anything is possible when you play for the Mets. I have a stache.”

http://3.bp.blogspot.com/-G-ZI-0aGW0...%2Bbonilla.jpg


All times are GMT -4. The time now is 08:14 PM.

Powered by vBulletin® Version 3.7.1
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
Copyright RaptorsForum.com 2005-2011


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24