Why are the Boston Red Sox still paying Manny Ramirez?

Baltimore Orioles v Boston Red Sox
Baltimore Orioles v Boston Red Sox / Maddie Malhotra/Boston Red Sox/GettyImages

July 1 is known to some MLB fans as "Bobby Bonilla Day." To Boston Red Sox fans, the same day brings back memories of Manny Ramírez.

The New York Mets issue a payment of $1.19 million to Bonilla each year on the first of July, and they'll continue to do so until 2035. Bonilla was released by the Mets in 1999 and he hasn't played a big-league game since 2001, but the New York squad will pay Bonilla on July 1 for over another decade because the two parties agreed to defer his contract.

The Mets owed Bonilla just under $6 million at the time of his release, and he'll end up making triple that amount with the interest from his 35-year deferral payments. The Red Sox are in a similar boat with Ramírez but without the interest payments.

The Sox paid Ramírez $2 million on July 1 as part of deferred payments on the $160 million deal he signed with the organization in 2000. He'll receive two more July 1 payments until 2026, at which point Boston will have paid off the final $32 million of his contract.

Red Sox nearing the end of 16 years of deferred payments to Manny Ramírez

Bonilla's payments from the Mets include eight percent interest. The Red Sox do not have to pay any interest to Ramírez, who will have received $2 million over 16 years to total just the $32 million he was owed on his contract.

Ken Griffey Jr. received his final deferred payment of over $3.5 million from the Cincinnati Reds on July 1. Luckily for the Sox — particularly because ownership has changed its spending philosophy — they're nearing the end of their payments to the 12-time All-Star Ramírez.

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