The New York Mets issued their annual deferred salary payment of $1,193,248.20 to former player Bobby Bonilla on July 1. The payment stems from a 2000 agreement tied to his 1991 contract. It will continue each year through 2035.
Bonilla, now 61, last played in 2001. The arrangement arose after the Mets released him in January 2000 while still owing $5.9 million for that season. Ownership deferred the amount at 8 percent interest, spreading payments over 25 years beginning in 2011.
The deal was influenced by expectations of profits from investments with Bernie Madoff. Those investments later collapsed in a Ponzi scheme. The original sum grew to $29.8 million before being divided into annual installments.
Bonilla also receives $500,000 yearly from the Baltimore Orioles under a separate deferred agreement running through 2028. Similar payment plans exist for other players including Manny Ramirez and Matt Holliday.
