Mets Pay Bobby Bonilla on July 1 Despite Madoff Fallout

The Mets have been paying former outfielder Bobby Bonilla annually since 2011, a deferred contract that began when the team cut the 2001 player in 1999. The installments, set to run through 2035, total nearly $30 million, far exceeding the $5.9 million Bonilla was originally owed. afnews.co.za

The deal was meant to free payroll money by investing in a securities annuity, but the partner turned out to be Bernie Madoff. Madoff’s 2009 Ponzi scheme collapse wiped out the Mets’ expected profits and left the franchise in financial turmoil until it was sold to Steve Cohen in 2020.