Bobby Bonilla Day: Why a Bad Contract Became a Beloved MLB Holiday!
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Every July 1st, baseball fans celebrate something truly unique: Bobby Bonilla Day. It's not a player's birthday or a championship anniversary, but rather the commemoration of one of the most talked-about deferred contracts in Major League Baseball history.
The Story Behind the Day
Bobby Bonilla, a six-time All-Star who last played in 2001, receives a check for $1.19 million from the New York Mets every July 1st. This started in 2011 and will continue until 2035. The origins of this unusual arrangement date back to 1999 when the Mets decided to defer paying Bonilla the $5.9 million they owed him.
The Deal Details
Instead of paying Bonilla upfront, the Mets opted for a deferred payment plan with an 8% interest rate. This resulted in annual payments of $1,193,248.20, totaling nearly $30 million over the 25-year period. While contract deferrals weren't unheard of in baseball, the sheer length and amount of Bonilla's deal made it legendary.
Bonilla's Perspective
Bonilla himself enjoys the annual celebration. “It’s bigger than my birthday,” he told USA TODAY Sports. “When that day comes, I get texts all day long, and a couple of days after and maybe a day or two before. Everybody just seems to love that day and have fun with it. It’s become a pretty big thing.”
A Lasting Legacy
Bonilla's former agent, Dennis Gilbert, believes this type of contract won't be seen again. “There’ll be plenty of other deferred contracts,” Gilbert said in 2023, “but for a guy to be paid that long into his life, into his 70s, I don’t think we’ll ever see that again. That’s why Bobby Bonilla Day should be celebrated.”
So, Happy Bobby Bonilla Day! A reminder that sometimes, even financial mishaps can become something to celebrate.