So why does Bonilla get this payday?
In 2000, the Mets agreed to buy out the remaining $5.9 million on Bonilla's contract.
However, instead of paying Bonilla the $5.9 million at the time, the Mets agreed to make annual payments of nearly $1.2 million for 25 years starting July 1, 2011, including a negotiated 8% interest.
At the time, Mets ownership was invested in a Bernie Madoff account that promised double-digit returns, and the Mets were poised to make a significant profit if the Madoff account delivered -- but that did not work out.
Happy Bobby Bonilla Day!
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XtremeJibber2001
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Happy Bobby Bonilla Day!
https://www.espn.com/mlb/story/_/id/317 ... ery-july-1
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Vinny Vincenzo
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Re: Happy Bobby Bonilla Day!
This deal is even better:
Ozzie and Daniel Silna, two brothers who owned the ABA Spirits of St. Louis, negotiated "the greatest sports deal of all time.”
When the NBA decided to absorb the rival league. During the merger, the NBA agreed to take on four of the ABA teams--the New York Nets, San Antonio Spurs, Indiana Pacers and Denver Nuggets. The brothers rejected the NBA's $3 Million Offer. Instead, they negotiated to be paid for any Spirits players drafted by NBA teams for $2.2 million each and a 1/7th share of each of the four former ABA teams’ NBA “visual media” rights (57% of one full share), in perpetuity, which worked out to roughly $300 million, forty years later. The NBA bought them out for $500M more.
Ozzie and Daniel Silna, two brothers who owned the ABA Spirits of St. Louis, negotiated "the greatest sports deal of all time.”
When the NBA decided to absorb the rival league. During the merger, the NBA agreed to take on four of the ABA teams--the New York Nets, San Antonio Spurs, Indiana Pacers and Denver Nuggets. The brothers rejected the NBA's $3 Million Offer. Instead, they negotiated to be paid for any Spirits players drafted by NBA teams for $2.2 million each and a 1/7th share of each of the four former ABA teams’ NBA “visual media” rights (57% of one full share), in perpetuity, which worked out to roughly $300 million, forty years later. The NBA bought them out for $500M more.