DIGGER27
In Memory Of
Why do baseball fans celebrate today, because every year on this day he receives a check for over $1.19 million dollars...from the NY Mets.
He started receiving these checks in 2011 and he will continue to get them until 2036.
Not bad for a 57 year old guy that hasn't played for the Mets since 1999 or played in the bigs since 2001.
Other players have sweetheart deals like this too but I believe Bobby was the first and best known in this lucky group.
How did this come about?
The Mets wanted him and his 5.9 million dollar salary to be gone in 2000 but instead of paying him off his agent proposed a different deal.
He would get paid nothing for 10 years and in year 11 he would start getting checks like this for the next 25 years.
The owner of the Mets pondered this deal and then he actually took it.
His thinking was he could invest that $5.9 mill for the next 10 years and it would eventually make more than enough to pay off Bobby and still make a healthy profit for himself.
Easy math, he knew just the investment to use because he was doing it at the moment and was getting back a healthy 10% return every year.
Simple, right.
So he called his investment guy and did it.
That guy's name was Bernie Madoff.
Oops!.
Bad decision for him but a good one for Bobby and his agent.
https://sports.yahoo.com/baseballs-favorite-holiday-is-here-happy-bobby-bonilla-day-170757675.html
He started receiving these checks in 2011 and he will continue to get them until 2036.
Not bad for a 57 year old guy that hasn't played for the Mets since 1999 or played in the bigs since 2001.
Other players have sweetheart deals like this too but I believe Bobby was the first and best known in this lucky group.
How did this come about?
The Mets wanted him and his 5.9 million dollar salary to be gone in 2000 but instead of paying him off his agent proposed a different deal.
He would get paid nothing for 10 years and in year 11 he would start getting checks like this for the next 25 years.
The owner of the Mets pondered this deal and then he actually took it.
His thinking was he could invest that $5.9 mill for the next 10 years and it would eventually make more than enough to pay off Bobby and still make a healthy profit for himself.
Easy math, he knew just the investment to use because he was doing it at the moment and was getting back a healthy 10% return every year.
Simple, right.
So he called his investment guy and did it.
That guy's name was Bernie Madoff.
Oops!.
Bad decision for him but a good one for Bobby and his agent.
https://sports.yahoo.com/baseballs-favorite-holiday-is-here-happy-bobby-bonilla-day-170757675.html
