For Mets fans, July 1st wasn’t necessarily a day of celebration.
During the Wilpon era, the day was a reminder of the idiosyncratic conditions the franchise often found itself in under the club’s previous owners, but since Steve Cohen took over in 2020, the day has become an unofficial holiday in Queens.
July 1, better known to Mets fans as Bobby Bonilla Day, has become a celebration in itself every year as the Mets pay the former major leaguer $1,193,248.20 as part of an agreement with the team when they bought out Bonilla’s contract in 2000.
“It’s kind of become like my birthday, so to speak. It’s become that big of a deal,” Bonilla, now 61, told The Washington Post in a phone interview. “I don’t think people know the exact date of my birthday, but they know when this deferred compensation is going to come in, so it’s pretty cool in that respect.”
For those unaware, Bonilla signed a five-year, $29 million contract with the Mets in 1991, which was the richest contract in team sports at the time.
Bonilla failed to live up to the lofty expectations placed on him after signing with the team and was eventually traded to the Orioles, then the Marlins, with whom he won a World Series in 1997, before returning to the Mets for the 1999 season.
Late that year, the Mets negotiated with Bonilla and his agent, Dennis Gilbert, and in January 2000, the Mets agreed to buy out his contract. The agreement provided for the team to defer payments of $5.9 million owed to Bonilla, with 8 percent interest, to be paid in installments over the 2011-35 seasons.
At the time, the management team, led by Fred Wilpon, was hoping to make a profit on their investment with Bernie Madoff and use that profit to pay off the acquisition costs.
However, the team became embroiled in the aftermath of Madoff’s Ponzi scheme, and the initial $5.9 million ballooned to $29.8 million, including Bonilla’s annual payments of $1.19 million.
Initially, it was a painful day for Mets fans as the rest of the fanbase celebrated the Mets’ financial folly.
But new light has been shed on the team since its current multi-billion dollar owner took control of the franchise.
And Bobby Bonilla Day became a bigger event around Queens, with Cohen even suggesting the team hold an annual celebration to mark the occasion and present Bonilla with an oversized check.
Bonilla has chosen to celebrate his annual payday a little more subduedly, at least for now.
The former Mets player said he has attended golf tournaments with his son in recent years.
“I’m going to be home this Monday,” he said.
Mets fans hoping for a glitzy Bobby Bonilla Day like the one Cohen proposed in 2020 will have to be patient.
Bonilla acknowledged that the Mets’ owner has “reached out personally” and there have been discussions, but “nothing has materialized yet.”
“I’m not really thinking about it at this time of year, especially since I have students who will be seniors in August,” said Bonilla, who also receives a $500,000 late payment from the Orioles every July 1.
“I won’t think about it until my son gets serious about college and then I’ll take over from there.”
While July 1 has taken on the feel of an unofficial holiday in baseball, Gilbert sees it as a learning opportunity for young athletes to set themselves up for a better financial future.
Gilbert, a former insurance industry worker and now commissioner of Perfect Game, a youth baseball and softball scouting service, began talking about deferred pay even before Bonilla signed with the Mets in 1991.
Gilbert told The Post that when the Mets were approached about deferring payments, they went along with it because it would give them “about $1 million a year to spend on other players.”
With the money the Mets initially saved by not paying Bonilla right away, they were able to sign pitcher Mike Hampton in 2000, who helped lead the Mets to their first World Series appearance since 1986.
“A lot of my friends who are retiring and stars who are retiring and after a few years they have no money left,” Gilbert said, explaining how the idea for deferred payments was born. “It’s all about safety and it’s great to work with young people … to make a difference and help the young people in the Guild.”
He added: “That’s not all they’re doing now. They’re taking money out of today’s banks and putting it in tomorrow’s banks, especially if they’re earning interest on it.”
Deferred payments in MLB contracts have become common, most notably when Shohei Ohtani deferred 97% of his $700 million contract with the Dodgers until 2033, when his contract expires.
Ken Griffey Jr. was receiving $3,593,750 annually from the Reds through deferred payments that began in 2009.
“If the opportunity arises [players] “I highly recommend saving money,” Bonilla said. “Not everyone is going to make a ton of money, but I want to see people really take saving money seriously, whether they’re a $100 million player or a $1 million player. I think it’s really important and I don’t think it’s addressed enough.”
Bonilla said players and fans still come up to him on the street to talk about his now-famous contract, and said it’s “exciting” to talk about it because he hopes it will help other players protect the money they’ve made.
Gilbert and Bonilla still keep in regular contact, with Bonilla estimating he speaks about twice a month, including that July 1 phone call.
Sometimes those calls come after Bonilla meets a fan who wants to talk about signing with the Mets.
“People always say, ‘What a clever thing you did,'” Bonilla says. “Whenever that happens, I smile, call Dennis, and give him another compliment. Dennis was the right guy for me.”
