(NewsNation) — A baseball player who retired in 2001 is due to collect $1.19 million today, and every July 1 through 2035, because of a deal he worked out with the New York Mets, who wanted to cut him in 1999.
Bobby Bonilla was a six-time All-Star but was on the decline when he rejoined the New York Mets for that season. After a disappointing campaign, the team pushed for his release, but they still owed him $5.9 million, a significant amount at the time.
Bonilla and his agent offered the team a deal: The team could wait a decade to pay him if they agreed to pay him $1.19 million every July 1, starting in 2011 and continuing through 2035.
The then-owners of the Mets were heavily invested in Bernie Madoff and believed they would easily be able to afford Bonilla’s payment plan because of the 10% annual return from Madoff. Years later, that fund was exposed as a now-infamous Ponzi scheme.
Bonilla has come out ahead on overall value: $5.9 million in January 2000 is worth $11.2 million today, according to the government’s inflation calculator. Bonilla has collected $17.85 million in annual payments since 2011 from the Mets, and is due another $11.9 million between now and 2035.
The 2025 New York Mets have the sport’s biggest payroll and its fifth-best record, but the team is second in their division behind the Philadelphia Phillies.