Long Goodbye: Contracts That Keep Giving

[erpowers]

This is an article that appeared in today's edition of the New York Times. The article discusses how some sports teams end up paying former athletes many years after their careers have ended. The article highlights the contracts of two athletes: Rick Diepito and Bobby Bonilla. I thought this was an interesting article.

"A day earlier, the former slugger Bobby Bonilla received his annual $1.2 million
payment from the Mets. They have to pay him every year until his contract expires
in 2035. He is 50 years old, and his career ended in 2001.

DiPietro’s paychecks will keep coming until 2029, when he’s 47. By then, the Islanders
will be deep into their second decade in Brooklyn — they are scheduled to move there
from Nassau County as soon as 2014."

http://www.nytimes.com/2013/07/03/sports/long-goodbye-contracts-that-keep-on-giving.html?pagewanted=all&_r=0

[LiberalEsto]

1. The injuries they get from playing will be with them for a long time too. nt

[Auggie]

2. I'd take a one-time payment of 1.2 million

Epic front office mistakes fans and some municipalities end up paying for. Fans in ticket prices; municipalities in incentives to fund stadium improvements or new construction wanted by greedy owners.

Speaking of which, the Oakland Raiders owe $49.6 million to players not on the roster, which I guess includes 2009 1st round draft bust JeMarcus Russell, who is collecting $3 million this week.

[4dsc]

3. Nothing new here

many top athletes have contracts like this. Walter Payton was going to receive $250,000 a year till he reached 65.