It's Bobby Bonilla Day, the day each year the Mets pay the former player $1.2 million

It's Bobby Bonilla Day, the day each year the Mets pay the former player $1.2 million

Today's July 1, the day each year when the New York Mets must send a $1.2 million check to an All-Star player named Bobby Bonilla

The thing is Bonilla hasn't played baseball in more than 20 years. Kenny Malone and James Sneed from our Planet Money podcast explain.

KENNY MALONE, BYLINE: The story of Bobby Bonilla Day starts in the year 2000

back when the Mets owed their famous player about $6 million.

JAMES SNEED, BYLINE: But rather than just get paid all at once

Bobby Bo agreed to let the Mets keep his money to invest in new players, stadium upgrades, whatever

MALONE: And in return, the Mets agreed to pay Bobby back, in 35 years, a total of about $30 million.

SNEED: Now, $6 million turning into $30 million seems like a really bad deal for the Mets.

MALONE: Yeah, just ask Mets fans at Citi Field.

SNEED: All right. I'm going to say three words, and I just want to get your reaction.

UNIDENTIFIED PERSON #5: It's just the day that the Mets are the laughing stock of the MLB.

MALONE: But listen. We are here today to defend the Mets with compound interest, the idea that interest has a way of snowballing

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