On December 2, 1991  – The New York Mets sign free agent outfielder Bobby Bonilla to a five-year, $29 million contract. Bonnilla will get traded during the 4th year of the contract, he will perform pretty well hitting 91 homeruns and driving in 275 runs, hitting .279.  The contract was the largest Free Agent deal at the time.

After the trade to Baltimore, he returned to the Mets in 1999, was released after the year, but still was owed $5.9 million in 2000. The Mets, wanting to free up cash, and believing they could easily finance the payments with investments they made with Bernie Madoff, negotiated a deal that would defer Bonilla’s payments at an 8% interest rate beginning in 2011.

It was a stroke of genius for Dennis Gilbert and Bonilla. Bonnilla will receive $1.19 Million per year until 2035 when he will be 72 years old.

 

 


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