Everything Everywhere Daily · Tuesday, June 30, 2026
Bobby Bonilla's agent, Dennis Gilbert, proposed deferring his $5.9 million salary with 8% annual interest, increasing the total payout to nearly $30 million. This allowed the Mets immediate financial flexibility. The team's owner, Fred Wilpon, planned to invest the deferred money with Bernie Madoff, expecting high returns.
“Knowing the organization wanted to buy him out, Bonilla's agent, Dennis Gilbert, proposed a unique solution. To free up cash flow now and avoid dead money on the roster, Gilbert suggested deferring payments in an annuity-like structure.”
“Gilbert's proposal increased the total value of the remaining contract to nearly $30 million while providing the Mets with flexibility to use the money immediately to improve a roster that almost made the World Series.”
“Wilpon figured that he could take the $5.9 million and put it into Madoff's hands, and after the contract duration, the investment would generate several hundred thousand dollars, based on the returns that Madoff had promised him.”