“Bobby Bonilla Day.” Former MLB Start Paid $1.19 Million Every July 1 For 25 Years Thanks To Bernie Madoff.” 

FILE - Fans watch during the fifth inning of a baseball game between the New York Mets and the Washington Nationals at Citi Field in New York, in this on Friday, April 23, 2021, file photo. The New York Mets under new owner Steven Cohen are embracing Bobby Bonilla Day, an annual remembrance of a famously unsuccessful contract. A promotion announced Thursday, July 1, 2021, that allows a fan to book an Airbnb stay for four at Citi Field for $250 that includes use of the team gym and shower. The promotion includes throwing out the ceremonial first pitch before the Mets play Atlanta on July 28. (AP Photo/Frank Franklin II, File)

July 1 is a great day for a former Major League Baseball player who hasn’t had a hit for the New York Mets since 1999. Friday, and every year on July 1 until 2035, he will be paid $1.19 million, the same amount he’s received every July 1 for the past 13 years.

Bonilla and his agent cut the Mets a deal back in the 2000 season when they agreed to take his remaining salary owed to him by the team in deferred payments. Because the team was struggling for cash and Bonilla wasn’t, it seemed to be a decent arrangement at the time for both sides. 

Since Bonilla received his first payment, he has collected $14,318,978.40 and will be making an additional $15,512,221.60.  $30 million in total compensation. 

Incredibly at the time of the deal, the Mets only owned Bonilla $5.9, but they spread the $1.2 million over 25 yearly installments with 8% interest included. 

The reason the Mets were cool paying more is because they had a lot of their owner’s money invested with a guy who was doing a heck of a job bringing him returns every year.  Yes, Mets ownership was invested in a Berne Madoff account that had been delivering double-digit returns. 

So count at least one person on the planet who is still a fan of Madoff since Bonilla will be banking million-dollar paydays until he is 72 years old. 

That’s one heck of a solid retirement plan. 

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