Happy payday Bobby Bonilla

3,499 Views | 9 Replies | Last: 5 yr ago by coconutED
Bonfired
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http://espn.go.com/mlb/story/_/id/16650867/why-mets-pay-bobby-bonilla-119-million-today-every-july-1-2035

Now that is the definition of dead money. Bonilla will be 72 when he gets the last payment.
TXAggie2011
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Maybe the most remarkable contract deal in sports.

Mets ownership got screwed and as the article speaks to, its not as great a deal for Bonilla as it may seem on the surface.
Gramercy Riffs
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It's also not as terrible for the Mets as it seems on the surface.
TXAggie2011
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quote:
It's also not as terrible for the Mets as it seems on the surface.
Yes, true.
Buck Compton
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In a purely numbers sense, the deal isn't as extreme for either party, especially considering the bull market we've seen.

That being said, the psychological part of the deak for Bonby has to be fantastic. Every year he just gets a nice, cool seven figure check. And on the opposite side, whoever writes those checks probably wasn't around when it happened and probably curses to himself as he signs.
double aught
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quote:
Maybe the most remarkable contract deal in sports
The Silna brothers, owners of the ABA's Spirits of St Louis, managed an even better deal when their team was forced to fold due to the merger with the NBA. Not a player contract, but still pretty impressive.

https://en.m.wikipedia.org/wiki/Ozzie_and_Daniel_Silna
agent-maroon
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quote:
The New York Times is reporting that the National Basketball Association has finally reached an agreement with Ozzie and Daniel Silna, two brothers who owned the Spirits of St. Louis, a former American Basketball Association franchise through which they had negotiated what became known as "the greatest sports deal of all time." With help from their lawyer, Donald Schupak, the Silnas had, since 1976, received a portion of the NBA's television rights fees which added up to an estimated $300 million. The NBA has long wanted to somehow end the Silnas sweet deal. And it looks like, with an upfront payment of a cool $500 million or so, the NBA will finally get its wish.

The NBA Finally Puts An End To The Greatest Sports Deal Of All Time

Here's another link about the Silnas. Thanks double aught for posting your link. I hadn't heard about this before. Always amazed at the things you can learn from TexAgs posters
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Ol Jock 99
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If he had gotten all of his money in 2000, he would lost it all in the dotcom crash or 2008 crash.
_lefraud_
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Faustus
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Ol Jock 99 said:

If he had gotten all of his money in 2000, he would lost it all in the dotcom crash or 2008 crash.
The Lamar Odom crash of 2015 is always a danger too.
coconutED
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Buck Compton said:

In a purely numbers sense, the deal isn't as extreme for either party, especially considering the bull market we've seen.

That being said, the psychological part of the deak for Bonby has to be fantastic. Every year he just gets a nice, cool seven figure check. And on the opposite side, whoever writes those checks probably wasn't around when it happened and probably curses to himself as he signs.
It's a fairly common practice in sports. Other teams pay or will pay guys more money that what Bonilla gets. What makes the Mets situation notable are two things: Bobby's mediocre at best tenure with the team, and getting "caught up" with Bernie Madoff.

I put it in quotes because the Mets actually made money while invested in Madoff's scheme; even after it collapsed, they were poised to come out ahead. Unfortunately, all of the other investors sued them to recoup their losses. It was a pretty raw deal, but Madoff was broke and in jail, and so the Mets became the biggest target for the legal feeding frenzy. And, of course, after getting fleeced in court, the Mets are still on the hook to pay Bobby.
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