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The Bobby Bonilla Retirement Plan

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The Bobby Bonilla Retirement Plan

Unread postby danwismar » Wed May 18, 2011 12:13 pm

This is an older story that's getting some play lately because this July the Mets will make the first of 25 annual payments of $1.2 million to Bonilla, based on his negotiated exit from the franchise for the second time back in 2000. They owed him 5.9 million for the last year of his contract, and were desperate to be rid of him and had other players they needed the money for, so they agreed to defer the payment in this way....at 8% interest...hence the 1.2 mil for 25 years. He's about 48 years old now, so this works out nicely for him, you'd think.

http://online.wsj.com/article/SB1000142 ... 98050.html

the article is from July of last year...I just heard about this on a MLB game the other day and looked it up...thought it was worth posting. Thought it was interesting that in 1991, Bonilla's 5-year, $29 million contract made him MLB's highest paid player....a short 20 years ago.
"I believe it is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting." H.L. Mencken

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Re: The Bobby Bonilla Retirement Plan

Unread postby redneckofsc » Wed May 18, 2011 12:51 pm

I remember when that deal was negotiated, him and his agent took shit for it being a bad deal.

Every pro player should try to do something like this, since so many of them end up bankrupt after they retire.
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Re: The Bobby Bonilla Retirement Plan

Unread postby Lokais » Wed May 18, 2011 12:59 pm

Yeah, bunch of idiots going broke when they could have been enlisting Lenny Dykstra to manage their finances.
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Re: The Bobby Bonilla Retirement Plan

Unread postby redneckofsc » Wed May 18, 2011 1:41 pm

Atleast Dykstra isnt living under a bridge like Cecil Fielder.
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