Bobby Bonilla

Dick Perez  Oil on canvas  20th Century

Happy Bobby Bonilla Day!  Today we celebrate former Cardinal great Bobby Bonilla.  Probably more accurately, we acknowledge his agent, Dennis Gilbert.

Why?  Because once a year, when July 1 rolls around, Bobby Bonilla is paid $1.64 million dollars from his former (not as cool as the Cardinals) team, the New York Mets.  Every July 1, you may ask?  No.  Just every July 1 until 2035.  Oh yeah, and it started in 2011.

This, my friends, is a little thing called a deferred payment, and I love it.  There is a lot of really interesting and great math in this article from ESPN: Bobby Bonilla Day, but I’ll give you the very simple run down.

In 2000, Bobby was a Met.  The organization no longer felt he was a contributing factor to the team, and wanted to buy out his contract.  They still owed him $5.9 million.  Enter Dennis Gilbert.

Bobby’s agent’s background was actually as an insurance agent.  Before that, he played minor league baseball.  When a friend of his who was a baseball agent died unexpectedly, Dennis picked up his clients.

Why is his background important?  Well, Dennis was first and foremost an insurance man.  He continued working in insurance even after becoming a baseball agent.  He understood things like interest, tax rules, reinvestment opportunities, and deferments.  Basically, he knew how to get Bobby an unorthodox, but impressive deal.

So the Mets wanted to get rid of Bobby, but still have money to pick up someone else pricey.  So Dennis Gilbert brokered a deal that was a win-win.  The Mets deferred their payments to Bobby until 2011.  Starting then, they would pay him every July 1, plus 8% interest.  This allowed them to pick up Mike Hampton, who essentially cost the same amount they would have been paying Bobby.

I’ll also just point out right here that the Mets had a ton of money tied up with Bernie Madoff, and they thought they were going to be making zillions of dollars above and beyond what they owed Bobby, so this sounded like an extra good deal.  We all know how that worked out.

The ESPN article goes into lots of detail about what Bobby could have earned investing that money at the time versus the smaller amount each year, and the pros and cons of the deferred payment.  I’m no expert on professional athletes (except Rick Ankiel, cartoon heart, cartoon heart), but in my humble opinion, one seems to hear more often of athletes losing and spending their money than making a fortune investing.  So for me, it seems like a wise choice.

The artist that painted this work is sports artist Dick Perez.  He’s most well-known for being the official artist of the Baseball Hall of Fame, and paints an official portrait of each inductee to hang in the Hall of Fame for their induction year.  I don’t know the specific year this was painted.  I’m not even sure it’s 20th century, but I assume it was painted during his playing days.

This painting is what the artist classifies as one of his stylized paintings.  He uses wide swathes of color butted against each other for the highlights, as opposed to a more traditional blended look.  The lighter lines above his lip, the bridge of his nose, and above his eyebrows focuses your eyes on his face and makes for a surprisingly cohesive look, although if you look closely, there are at least seven different colors in his face alone.

This is a really fun painting for a really fun day.  You can see a great deal more paintings by Dick Perez and his explanation of his stylized paintings here:  Dick Perez.

I was really hoping to find a painting of Bobby Bo in his Cardinal uniform, but he wasn’t with us long, and it was at the very end of his career.  Nevertheless, once a Cardinal, always a Cardinal in our eyes.  And some would argue Bobby’s contract and subsequent hamstring injury would give us one of the organization’s biggest stars of all time, Albert Pujols.  If nothing else, it brought Albert to us sooner than expected.

Mr. Bonilla, as a Cardinals fan, a baseball fan, and a fan of treating your money wisely, I salute you.  And if you or Mr. Gilbert have any extra cash lying about from your new check that you would like to donate to me to see more Cardinals games, I will gladly take it off your hands.  After all, you’ll get another one next year.

Happy Bobby Bonilla Day!

 

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