Hey @Tikay10 I know you like reading stories from the internet and have a small interest in Baseball. July the first is also known as Bobby Bonilla Day. ESPN never fail to cover the story. USA Today also have a write up, there are quite a few on the internet Have a look and see how businessmen get it oh so wrong at times when it comes to Sports decisions.
From 1992 to 1994, Bonilla was the highest-paid player in the league, earning more than $6 million per year. Since 2011, Bonilla has been paid approximately $1.19 million by the New York Mets each year. The 25 payments come every July 1, which some fans refer to as "Bobby Bonilla Day".[2][3] This was part of a deal made when the Mets released Bonilla before the 2000 season while still owing him $5.9 million for the final year of his contract. The deal expires in 2035, at which point Bonilla will have been paid $29.8 million for a season in which he did not even play for the Mets
Mets owner Fred Wilpon accepted the deal mostly because he was heavily invested with Ponzi scheme operator Bernie Madoff, and the 10 percent returns he thought he was getting on his investments with Madoff outweighed the eight percent interest the Mets would be paying on Bonilla's initial $5.9 million. As a result, the payout was a subject of inquiry during the Madoff investment scandal investigation when it came to light in 2008.[
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Excellent story.
https://en.wikipedia.org/wiki/Bobby_Bonilla#:~:text=The 25 payments come every,final year of his contract.
I especially liked this.....
From 1992 to 1994, Bonilla was the highest-paid player in the league, earning more than $6 million per year. Since 2011, Bonilla has been paid approximately $1.19 million by the New York Mets each year. The 25 payments come every July 1, which some fans refer to as "Bobby Bonilla Day".[2][3] This was part of a deal made when the Mets released Bonilla before the 2000 season while still owing him $5.9 million for the final year of his contract. The deal expires in 2035, at which point Bonilla will have been paid $29.8 million for a season in which he did not even play for the Mets
Mets owner Fred Wilpon accepted the deal mostly because he was heavily invested with Ponzi scheme operator Bernie Madoff, and the 10 percent returns he thought he was getting on his investments with Madoff outweighed the eight percent interest the Mets would be paying on Bonilla's initial $5.9 million. As a result, the payout was a subject of inquiry during the Madoff investment scandal investigation when it came to light in 2008.[
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