Former major leaguer Bobby Bonilla is set to collect his annual payment of $1,193,248.20 from the New York Mets today, July 1. The payment is part of a famous deferred compensation agreement that has become an annual fixture in the sports world, according to @AdamSchefter.
The arrangement dates back to 2000, when the New York Mets agreed to buy out the remaining $5.9 million on Bonilla's contract. Instead of paying the full amount upfront, the team negotiated to defer the payments until 2011 with an 8% annual interest rate. As a result, Bonilla receives this seven-figure sum every July 1st, a cycle that is scheduled to continue through the year 2035.
By the time the contract is fully paid out, Bonilla will have received nearly $30 million from the initial $5.9 million deferral. The former All-Star last played for the Mets in 1999 and retired from professional baseball in 2001, but he remains a significant line item on the franchise's payroll every summer. Bonilla will be 72 years old when the final payment is issued.
This is a developing story. Check back for updates.
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