Jetsfan80 Posted July 20, 2010 Share Posted July 20, 2010 http://sports.espn.go.com/new-york/nhl/news/story?id=5392170 I'm not a big hockey fan, but my God, 17 years, $102 million for a 27-year old veteran? That's unbelievable. Link to comment Share on other sites More sharing options...
Falcon63 Posted July 20, 2010 Share Posted July 20, 2010 LOL! Link to comment Share on other sites More sharing options...
RutgersJetFan Posted July 20, 2010 Share Posted July 20, 2010 Holy Bobby Bonilla Batman. Link to comment Share on other sites More sharing options...
faba Posted July 20, 2010 Share Posted July 20, 2010 Bad contract- he has never been part of a winner and the Devils lock him up for so many years. Also will have to shed some contracts I read to get under the cap. Link to comment Share on other sites More sharing options...
Jetsfan80 Posted July 20, 2010 Author Share Posted July 20, 2010 Holy Bobby Bonilla Batman. I read that the Mets owe Bonilla $1.19 million a year from 2011 to 2035. Unreal. Link to comment Share on other sites More sharing options...
Falcon63 Posted July 20, 2010 Share Posted July 20, 2010 Holy Bobby Bonilla Batman. C6sVY5sjP54 Link to comment Share on other sites More sharing options...
dolphann4life Posted July 20, 2010 Share Posted July 20, 2010 Dont know much about hockey, but is this a common thing for a hockey contract...17 years? Do NHL players play into their mid 40's??? Link to comment Share on other sites More sharing options...
jgb Posted July 20, 2010 Share Posted July 20, 2010 I read that the Mets owe Bonilla $1.19 million a year from 2011 to 2035. Unreal. can't make this stuff up Link to comment Share on other sites More sharing options...
JohnnyHector Posted July 20, 2010 Share Posted July 20, 2010 I read that the Mets owe Bonilla $1.19 million a year from 2011 to 2035. Unreal. Yes, the Mets bought out Bonilla before the 2000 season and instead of paying him the $5.9m they owed him, they worked out a deal where they deferred the payments until 2011 and then paid him ~$1.2m over 25 years - around $30m in total. They made this decision based on the returns they were getting on their Madoff investments, which was 10% annually. If, instead of paying him, they invested the $5.9m that Bonilla was owed in 2000, the compound interest would bring its value to almost $17m before the annual payments began. At that point, the annual gains on that $17m at 10% would exceed their payment to Bonilla, so they would still be making a profit each year. Sounds like a brilliant plan, except for the fact that they were being scammed. Greed has a funny way of overuling logic at times. So, even though they didn't "lose" money per se on their Madoff investments - the Wilpons were one of the few clients to be returned more than they had invested - the Mets did wind up in the hole as a result, since they were counting on this "guaranteed" return. I believe they did similar buyout with Bret Saberhagen as well. Link to comment Share on other sites More sharing options...
Irish Jet Posted July 20, 2010 Share Posted July 20, 2010 C6sVY5sjP54 Yeah. This is GangGreen. Link to comment Share on other sites More sharing options...
THE ILK Posted July 20, 2010 Share Posted July 20, 2010 Dont know much about hockey, but is this a common thing for a hockey contract...17 years? Do NHL players play into their mid 40's???It's a way to manipulate the cap. Look at how the deal is structured, the back end of the contract is basically league minimum. He will retire by then, and the Devils will be off the hook. Doing it this way just lowers his cap hit per year, the new CBA will probably try and put an end to contracts like this. Link to comment Share on other sites More sharing options...
Lurker Posted July 20, 2010 Share Posted July 20, 2010 the years mean nothing. The Devils wanted to spread out the cap hit. Look at Luongo, DiPietro, and a bunch of other contracts signed the past few years that don't expire until the guy is past 40. Common practice. Link to comment Share on other sites More sharing options...
RutgersJetFan Posted July 20, 2010 Share Posted July 20, 2010 Looks like we're looking into locking up Elias for 20 years too. Link to comment Share on other sites More sharing options...
Falcon63 Posted July 20, 2010 Share Posted July 20, 2010 Yeah. This is GangGreen. That's not old news. Link to comment Share on other sites More sharing options...
THE ILK Posted July 21, 2010 Share Posted July 21, 2010 Looks like the NHL put the kibosh on this deal. http://www.nhl.com/ice/news.htm?id=534725 NHL Deputy Commissioner Daly statement regarding Kovalchuk's free agent signing with the Devils Wednesday, 07.21.2010 / 6:29 AM / NHL Free Agency 2010 NHL.com NEW YORK -- National Hockey League Deputy Commissioner Bill Daly today issued the following statement regarding the free agent contract forward Ilya Kovalchuk signed with the New Jersey Devils: "The contract has been rejected by the League as a circumvention of the Collective Bargaining Agreement. Under the CBA, the contract rejection triggers a number of possible next steps that may be elected by any or each of the NHLPA, the Player and/or the Club. In the interim, the player is not entitled to play under the contract, nor is he entitled to any of the rights and benefits that are provided for thereunder. The League will have no further comment on this matter pending further developments." Link to comment Share on other sites More sharing options...
Lurker Posted July 21, 2010 Share Posted July 21, 2010 haha rejected what is GangGreen? Link to comment Share on other sites More sharing options...
Bugg Posted July 22, 2010 Share Posted July 22, 2010 More proof that salary caps are a joke, and Bettman is a clown selling snake oil to fools. The NHL overexpanded and dumped small Canadian markets(and Hartford) who supported hockey for a bunch of Sunbelt towns that don't care about hockey and never will. Granted there are some success stories like Dallas and Colorado, but Atlanta, Phoenix and Nashville are pointless. All the finagling of cap numbers doesn't now or ever change that stupidity. Further as a Rangers fan, the NHL right now should step up and do everything they can to help the Isles, who are getting a good solid screwing by dumbass pols. Otherwise they will decamp for KC and fail. Suspect that what ever the other teams in their division think of them as competitors, they at least sell some extra tickets when Isles fans come to their games, and the travel costs are now very low. KC would change that dramatically. Link to comment Share on other sites More sharing options...
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