July 1, 2022.
Bobby Bonilla is not known to the public.
He formed a half of "Bobby Bo and Barry Bo" with Barry Bonds on the Pittsburgh Pirates. He was a player for the New York Mets at the turn of the millennium. He is the best dealmaker in the history of contract negotiations.
Today is "Bobby Bonilla Day", when he gets his yearly check from the Mets because of his deal-making genius.
Bonilla signed a five-year, $29 million contract with the New York Mets in 1991. He was traded before the contract ended. Bonilla was bought out of the rest of his contract by the Mets after he was traded back to the team.
The remainder of Bonilla's contract was deferred for 25 years by the Mets and Bonilla's agents.
The Mets were locked into investment partnerships with a notorious Ponzi schemer, and were promised double-digit returns. Deferring Bonilla's contract was thought to be the more financially viable option by the Mets ownership. The Mets were wrong when they said the money from the Ponzi scheme wouldn't come.
Bonilla will receive an annual check from the Mets for the rest of his life because of the deferred structure of the deal he made with the agents.
Gilbert told Fortune that Bobby was interested in making sure he had money in the future. Major League players coming out of the game with little or no money and a few years later having to take really menial-type jobs was sad to see.
Gilbert said the strategy was to take the money of today and put it in the bank of tomorrow.
Bobby Bonilla Day has become known as Bobby Bonilla Day in the sports world because of his July 1 annual pay day.
It can't help but be seen in sports. According to Joshua Kusnick, a former baseball agent, there is no way to duplicate it. The deal is similar to the secret recipe to Coca-Cola. All I can do is admire it.
Bonilla's deal is perhaps the most famous, but it isn't the only one. The NBA did not invite the Spirits of St. Louis to join its league in the 70s.
The owners of the Spirits struck a deal with the NBA to be paid in perpetuity one-seventh of the national television revenue of four ABA teams that merged into the NBA. The owners of the Spirits have received more than $800 million from the deal.
The package of original NFTs, one of which is the original contract itself, will be celebrated by Bonilla, Kusnick and his former agents.
Gilbert, who now runs an insurance agency and works as a special assistant to the chairman of the Chicago White Sox, said he still gets calls from current agents hoping to secure contracts for their players similar to Bonilla's.
Gilbert said that MLB agent Joe Longo called him to talk about the Yelich deal while he was in Milwaukee.
Yelich's contract was deferred and he will continue to be paid by the Brewers until he is 50 years old.
Gilbert says he celebrates Bobby Bonilla Day every year.
Gilbert said to look behind home plate at Dodgers Stadium to see him in person. I will be wearing a shirt that says "happy Bobby Bonilla Day."
All Rights Reserved © 2024
