Bobby Bonilla's still getting paid

[The Epic]

...by the Mets.

That's a pretty sweet deal for him.

[Nigel Tufnel]

Good to see that I was right about the 8%.

http://forum.orioleshangout.com/forums/showthread.php?t=95952&highlight=bobby+bonilla

[byrdz]

Paying him til 2035?!? That's one hell of a layaway plan!

[BRobinsonfan]

This quote is telling:

By postponing their payments to Mr. Bonilla for 11 years, the Mets freed enough money to trade for starting pitcher Mike Hampton and outfielder Derek Bell and sign first baseman Todd Zeile. Those three players earned a combined $15.1 million in 2000, and the Mets reached the World Series that year for the first time since 1986.

But the team has reached the postseason only once since, and it can be argued that the short-term gain of the arrangement with Mr. Bonilla wasn't worth the long-term cost. Because the Mets are repaying him with interest, Mr. Bonilla will earn $29,831,205 between 2011 and 2035—more than he earned in his first contract with the Mets.

For all those who want to make a big splash by signing "premium talent" too soon - there's a cautionary tale here.

[Sanfran327]

This article comes out about once a year. It's completely, totally mind bottling.

[scOtt]

This quote is telling:

For all those who want to make a big splash by signing "premium talent" too soon - there's a cautionary tale here.

Cautionary on the total $. But cautionary the other way too... It's always cheaper to defer money.

[BRobinsonfan]

Cautionary on the total $. But cautionary the other way too... It's always cheaper to defer money.

By the time Mr. Bonilla departed, the Mets were so eager to be rid of him that they agreed to defer payment—with interest—of the $5.9 million they owed him in the final year of his contract.

Interest rates where 8.5% then - They're paying him $30 million to get out from under $6 million.