But I'd like to try to set the record straight on something. Most fans who know of Bobby Bo and his history with the Mets know that in his exiting agreement, Wilpon and Co, decided to pay him out in an annuity fashion, starting in 2011, until 2035. I know, it looks bad that a guy who hasn't played in over 10 years for the team will be back on the payroll next season, until most of us are walking around CitiField with our canes. I was talking about this the other day that while managing an inept organization, the Wilpons are good at one thing, and that's making money. This Bonilla deal was intentional.
Once upon a time in a land far, far away (called Jersey), I was completing my MBA program. One of the topics I found very fascinating was the time value of money. What was $1mm back in 1999 would be worth more than that today due to TVM. According to the agreement inked with the Mets in 2000, Bobby Bo would be paid out from 2011 to 2035, with payments adding up to nearly $5.9 million.
Sure, most of us would enjoy getting free money to the neighborhood of $30 mm total over a period of 25 years. Had the Mets paid out Bobby Bo in 2000 the $5.9 million he was owed, it would have benefited him more, had he put it in a high-interest bearing account, more than likely would have made more money than getting the pay-out later on.
I'm not defending the move...but I understand. When I took this class back a few years ago, I went from not understanding why they would make a deal like this to thinking it wasn't so bad after all.
So when Bobby Bo gets back on the payroll in 2011, just remember, the Mets actually kinda fleeced him and not the other way around.
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8 comments:
$5.9M buys a lot of earplugs :)
Bernie Madoff: Freddie why so sad?
Fred Wilpon: I got this schmedrick Bobby Bonila sucking the life out of my team and my pocketbook.
Madoff: Let me see that contract (Madoff puts on his $4.3 Mil reading glasses)ah piece of cake Freddie let me handle it
Wilpon: Your the best Bernie a true pal.
This is the Wilpon's at their best. Are they looking at it from a strictly financial perspective (insert rhetoric here)? This 45 year old with an MBA, an Accounting Degree, and 20 years of sales experience says, what about all of the bad karma, the bad press, and the continuing association with Bobby Bonilla? Yuch! I've never been through a divorce, but I've spoken with plenty who have. Virtally all want closure, financially and otherwise. All would pay more now just to move on and not pay monthly to someone they wnat no part of. Most sane, healthy people just want to move on from these types of associations. In my opinion, this is the all-time worst move the Wilpon's ever made. I don't even know what's second. Do we have a deal like this with Vince Coleman? Tom Glavine? Aaron Heilman? Are we looking at something similar for Oliver Perez if he has another stinky year? For God's sake, get the bad karma out of your life, your franchise, your house, your office, whatever. Thanks for allowing me to rant.
In my opinion, this is the all-time worst move the Wilpon's ever made. I don't even know what's second. Do we have a deal like this with Vince Coleman? Tom Glavine? Aaron Heilman? Are we looking at something similar for Oliver Perez if he has another stinky year? For God's sake, get the bad karma out of your life, your franchise, your house, your office, whatever. Thanks for allowing me to rant.
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This is the Wilpon's at their best. Are they looking at it from a strictly financial perspective (insert rhetoric here)? This 45 year old with an MBA, an Accounting Degree, and 20 years of sales experience says, what about all of the bad karma, the bad press, and the continuing association with Bobby Bonilla? Yuch! I've never been through a divorce
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This is the Wilpon's at their best. Are they looking at it from a strictly financial perspective (insert rhetoric here)? This 45 year old with an MBA, an Accounting Degree, and 20 years of sales experience says, what about all of the bad karma, the bad press, and the continuing association with Bobby Bonilla? Yuch! I've never been through a divorce
an Accounting Degree, and 20 years of sales experience says, what about all of the bad karma, the bad press, and the continuing association with Bobby Bonilla? Yuch! I've never been through a divorce
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