Bobby Bonilla Day: Why the former Pirates player gets $1.2 million every July 1

PITTSBURGH (KDKA) -- When the calendar turns to July, for most people it's just the start of another month, but for one former Pirates player, it's Bobby Bonilla Day. 

Bonilla played for the Pirates to start his MLB career before signing with the Mets, and then he was traded to the Orioles. He then signed a contract with the Marlins, was traded to the Dodgers and was ultimately dealt to the Mets for a second stint in New York. 

In 1999, the Mets released Bonilla, but he was still owed nearly $6 million from the team. 

Bonilla and his agent negotiated a deal with the Mets, where the money he was owed would be deferred for 10 years and he would receive a total of $29.8 million spread over 25 years.

As a result, every July 1, Bobby Bonilla receives a check from the New York Mets for nearly $1.2 million. This is the 12th year he will receive that payment.

It's been reported that the Mets accepted this deal because the team's owner, Fred Wilpon, was an investor with Bernie Madoff, where he was earning higher returns on that money than the interest that would be owed to Bonilla. This proved to be false when it was discovered that Madoff had been running the largest Ponzi scheme in history. 

After receiving today's payment of more than $1.19 million, Bonilla is in line to receive another 13 payments worth more than $15 million.

Bonilla's final payment from the Mets will come in 2035, and according to Darren Rovell, the team has no intentions on buying out the remainder of the deferred payments before then. 

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• MLB
• New York Mets