Bobby Bonilla's increasingly infamous deferred compensation arrangement with the
Mets is actually two separate deals totaling more than $40 million, not only the $30 million that has been previously reported, people familiar with the world's longest sports deal told CBSSports.com. Plus, a third 25-year Mets deferred compensation agreement, this one for former pitcher Bret Saberhagen, is also on the team's books, bringing the grand total to close to $50 million. Deferred, of course.
The one previously known 25-year deferred plan that pays Bonilla $29.8 million in total becomes a semi-hot topic in New York every July (when the payments are due), but a review of documents turned up a second deferred deal for Bonilla, this one for $500,000 a year, also for 25 years, and beginning even earlier (in 2004). That brings Bonilla's grand total to more than $42 million. What's more, Bonilla isn't the only Met with such a deferred compensation deal, as Saberhagen's deal for $250,000 a year for 25 years also began in 2004.
. . .
Apparently, it actually was Saberhagen's deferred deal for $6.35 million total that provided a template for the subsequent Bonilla deals, one of which was done as his first $29 million, five-year Mets free-agent deal was winding down in disappointing fashion.
One piece of positive news for the Mets: The smaller arrangement, which is for $12.5 million ($500,000 a year for 25 years), is said by sources to be paid in part by the Orioles, who picked him up from the Mets and got stuck with him (and the contract). Word is, the Orioles are paying a bit less than half of that smaller payment plan.
. . .
With so much interest in a decade-old deal in mind, here are a few more nuggets ascertained about Bonilla's famous deal:
[SIZE=xx-small]•[/SIZE] The first deal came about late in Bonilla's historic $29 million, five-year contract with the Mets in the early 1990s, not his second go-round in 1999 as has been reported. There was a year remaining at $5.9 million, and the Mets suggested deferring the money to free themselves up to spend it elsewhere. That is when Bonilla, represented by Beverly Hills Sports Council, and the Mets agreed on the 25-year payment plan for $500,000. (Note: Originally, I had that reversed here, but his first payments were for the lower amount, the second one is the higher one, nearly $1.2-million payment.)
[SIZE=xx-small]•[/SIZE] The payments from that arrangement started in 2004, after Bonilla turned 40 -- not 2011 as previously reported incorrectly -- and go through 2028.
[SIZE=xx-small]•[/SIZE] The second deferred deal for Bonilla with the Mets did come about in his second go-round with the team, and that is the even bigger deal. That is the one that's for precisely $1,193,248.20. That one goes from 2011 to 2035.
[SIZE=xx-small]•[/SIZE] The interest rate, unmentioned in all the stories, was precisely 8 percent, according to several people involved in the transaction. They all recalled, not surprisingly, that the 8 percent was arrived at through negotiation, with one recalling that Gilbert/Horwitz/Borris/Beverly Hills started at about 10 percent and the Mets first proposing about 6 percent. All parties recalled that interest rates were much higher back then and that 8 percent didn't seem out of line, though obviously now it seems high.
[SIZE=xx-small]•[/SIZE] The Mets also agreed to a deferred payment schedule with Beverly Hills client Bret Saberhagen, which has gone pretty well unmentioned in recent years. Saberhagen's payment is said to be for $250,000 a year for 25 years, making it $6.25 million total.
[SIZE=xx-small]•[/SIZE] The Beverly Hills partners tried to talk Yankees outfielder Danny Tartabull, who had signed a $25.5 million deal, into a deferred payment program for him with that team. But, "he wouldn't do it," recalled one person involved in those talks. That looks like a mistake now, as Tartabull -- known for very expensive tastes (he favored ultra-expensive wines and it was once suggested he never re-wore any of his designer shirts) -- recently was identified in news reports as one of the biggest deadbeat dads in Los Angeles. He owes $276,000 in payments to his two sons, according to police.