Every July 1, baseball fans commemorate a unique moment in sports history known as Bobby Bonilla Day. This day celebrates former MLB player Bobby Bonilla and the unusual contract arrangement he struck with the New York Mets that continues to resonate in the world of baseball.
Bobby Bonilla, who enjoyed a successful 16-year career in Major League Baseball, is remembered not only for his impressive statistics—such as a .279 batting average and a 124 OPS+—but also for his savvy financial decisions. Over his career, Bonilla was selected to six All-Star games and twice finished in the top three of MVP voting. However, it is the financial arrangement he made with the Mets that has cemented his place in baseball lore.
In 2000, while with the Mets, Bonilla and his agent negotiated a deferred payment plan after he was set to be released. Instead of receiving the remaining $5.9 million on his contract immediately, the Mets opted to defer those payments, believing they could achieve greater returns through investments. This decision led to Bonilla receiving annual payments of approximately $1.2 million starting in 2011, a commitment that will continue until 2035, when he will be 72 years old.
The original deal with the Mets stemmed from a five-year, $29 million contract Bonilla signed in 1992, but it was his later contract with the Miami Marlins that led to the deferred payments. After contributing to the Marlins’ 1997 World Series victory, Bonilla was traded and ultimately returned to the Mets, where his playing time dwindled. The Mets’ choice to defer his payment was greatly influenced by an ill-fated investment with Bernie Madoff, which turned out to be a Ponzi scheme. As a result, the total amount Bonilla is set to receive over the years has ballooned to nearly $30 million.
The perception of Bonilla’s deal has transformed over time. Under the previous ownership, the Mets were less inclined to celebrate the annual payment, but this changed with the arrival of team owner Steve Cohen in 2020. Cohen has acknowledged Bobby Bonilla Day on social media, embracing the quirky nature of the situation and adding a lighthearted touch to the narrative.
Bonilla’s agreement is not an isolated instance in baseball. Deferred payments have become increasingly common, with teams like the Washington Nationals and the Los Angeles Dodgers engaging in similar practices. Notably, the Dodgers have committed to deferred payments for star players, including Freddie Freeman and Mookie Betts.
Beyond his financial legacy, Bobby Bonilla remains a celebrated figure in baseball history. His annual payments serve as a reminder of the complex interplay between sports, finance, and the unexpected paths that can shape an athlete’s legacy. Each July 1, fans reflect on Bonilla’s career and the fascinating story behind his enduring relationship with the Mets.