COLUMN: Celebrating another 'holiday'

     Last week we celebrated the Fourth of July with a parade, family time and fireworks. Even though it was quite hot out, Mother Nature kept the rain away.

     Did you know that another day is celebrated the same week as Independence Day? The “other” day is not a holiday by any means but it occurs every July 1 and will go on being celebrated through 2035.

     This special day is simply referred to as Bobby Bonilla Day. It’s the day the New York Mets write the former major league outfielder a whopping check for $1.19 million.

     Bonilla hasn’t suited up for the Mets or any other team for the past 5,381 days, yet he receives a nice check each July 1. Why is this you might ask? It’s referred to as a deferred-money deal.

     These types of sports contracts have been going on for a long time. The Mets seem to be at the top of the chain in these types of contracts.

     In 2000, the Mets owed Bonilla $5.9 million but decided they no longer wanted him as a player. His agent, Dennis Gilbert, negotiated with the club a deferred plan at 8% interest running the total to $29.8 million. The first payout started on July 1, 2011.

     So how does a team afford to pay a player who no longer plays the game so much money? Well, the Mets owners had many investments with Bernie Madoff that were returning up to 15 percent back. At that time it was no big deal deferring contracts.

     In the owner’s eyes, the payout would occur so many years later at an interest rate lower than what they were receiving back from Madoff. We all know how that worked out. In theory the Mets figured over time they would have profited $49 million on Bonilla’s contract.

     In case you were wondering if it would have just been easier to pay Bonilla that $5.9 million and be done with him, the Mets in fact used that money to acquire P Mike Hampton for $5.75 million. Hampton did in fact help the Mets get to the World Series that year.

     Bonilla never panned out for the Mets, he makes more now than all three of the Mets best young pitchers combined and of course, throw in Madoff and you see why the media has a heyday every July 1, known to the baseball world as Bobby Bonilla Day.