Bobby Bonilla Day marks 16th $1.19 million Mets payment

Every July 1, retired baseball player Bobby Bonilla receives a payment of $1,193,248.20 from the New York Mets, a tradition that has become widely known as "Bobby Bonilla Day." This year marks the 16th consecutive annual installment of a deferred compensation agreement that will continue until 2035, ultimately paying Bonilla nearly $30 million from an original $5.9 million obligation.

The unusual arrangement originated in January 2000, when the Mets released Bonilla after he batted .160 in 60 games the previous season. Instead of paying the $5.9 million remaining on his contract immediately, the team, then owned by Fred Wilpon, negotiated to defer the money for a decade at an 8% annual interest rate, with payments spread over 25 years starting in 2011. At the time, Wilpon believed returns from investments with Bernie Madoff would outpace the interest owed to Bonilla, a calculation that proved disastrously wrong following the exposure of Madoff's Ponzi scheme.

Bonilla, now 63, has embraced the notoriety. He told reporters in 2024 that the day has become bigger than his birthday, with friends and fans marking the occasion. The Mets' current owner, Steve Cohen, has also leaned into...