What is Bobby Bonilla Day? Why Mets still pay him $1.19m every July 1

Bobby Bonilla Day is here, celebrated as an annual day when the New York Mets pay former basketball player Bobby Bonilla his deferred salary.

This year too on Wednesday the Met will pay Bonilla a check for $1,193,248.20, as he has and will every July 1 from 2011 through 2035.

The origin of this famous arrangement lies in 2000 when the Mets wanted to release Bonilla, but could not do so as they owed him $5.9 million on his contract. So, instead of paying the hefty money immediately, the team made an arrangement.

Under this deal, the team negotiated to defer the payment for 10 years with an 8 percent interest rate. As a result, the American player is entitled to receive an annual payment of $1,193,248.20.

This year marks the 17th installment of the deal. Bonilla has already collected more than $20 million in these deferred payments.

Bonilla also has a separate deal with the Baltimore Orioles that pays him $500,000 on the annual basis and this payout arrangement is going to run from 2004 to 2028.

Speaking to USA TODAY Sports, Bonilla said, "It's bigger than my birthday," "When that day comes, I get texts all day long, and a couple of days after and maybe a day or two before. Everybody just seems to love that day and have fun with it. It's become a pretty big thing."

The payout arrangement is frequently cited as a cautionary tale of financial mismanagement in professional athletics.