When Daisuke Matsuzaka steps on the Turner Field mound for the New York Mets, he will be looking to even the series with Atlanta, after the Metropolitans fell to the Braves on Monday night by a score of 5-3.
But New York’s rivalry series against the Braves, during a season where they’ve struggled to creep toward .500, isn’t the only story hovering over the team. Today marks the beginning of a series payments that show for however mediocre the Mets are on the field, they are even worse off of it.
Former third basemen and right fielder Bobby Bonilla received a check of $1.19 million from the Mets franchise today, the fourth of many payouts of the same amount he’s receiving over a 25-year period.
Even more interesting than the mere fact that the Mets owe $29 million to a player that is 13 years beyond his playing days, is the story of how they got here in the first place.
Back in 1999, New York re-acquired Bonilla after the player had a three-year stint at Shea Stadium during the early 90s. Not unlike his first time with the club, Bonilla disappointed, which prompted the Mets to release him at the end of the season. For New York, there was just one problem: Bonilla was still owed $5.9 million.
It’s at that point Bonilla’s agent offered them a deal that amounted to something like this: “You don’t have to pay us today, but you can pay us annually starting in 2011, and what you owe us will compound at 8 percent annually.”
The Mets accepted the offer, a ridiculous deal that underlined a huge lack of responsibility that they must have felt they had the luxury to do so, given their position at the time.
Remember, this was the Mets of 1999, the incarnation of a franchise that was still doing business with Bernie Madoff and reaping huge rewards for it.
As CBSsports.com reported last year, the Wilpons (the Mets’ majority owners) felt they could make a deal with Bonilla because “ah, what the heck? We’re making 10 percent returns on our Madoff investments anyway.”
Bernie Madoff is in jail 15 years later, having been exposed as a fraud for his ponzi schemes after the American economy went down the drain in 2008.
The Mets, as a result, are still feeling the effects of their involvement with one of the biggest financial crooks of the past decade.
In its own small way, the payment Bonilla is receiving today, and will continue to receive annually for the next 20 years, exemplifies that fact.
His deal remains one of the worst signed in baseball history, but he didn’t get there without help from one of the worst front offices, either.
http://elitedaily.com/sports/the-me...-the-worst-contract-in-sports-history/653711/