As a result, Griffey is still making just over $3 million every year through 2024 (payments started in 2009), more than five times what dissident slugger Pete Alonso was to earn in 2020. His son Chad was briefly a minor-league catcher before becoming a baseball coach at Tulane University. We never do.. Baseball is so basic and sound, he said. Howard Bruce Sutter (January 8, 1953 - October 13, 2022) was a Major League Baseball (MLB) pitcher who played 12 seasons between 1976 and 1988. He was paid handsomely for his services, too his $975,000 salary made him one of the highest paid players at the time. However, Donald Fehr, head of the baseball players union, the Major League Baseball Players Assn., said his group has studied unfunded liabilities and, at present, is not particularly concerned. It was the winter of 1984. A full 14 years after his final MLB appearance, hell get the last deferred payment on his nine-year, $116,500,000 deal that began all the way back in 2000. A specialist in content strategy, copywriting, and SEO, he has additionally worked as a digital consultant in the corporate services, retail, and tech industries. Things didnt go as planned. The Nationals are also paying Daniel Murphy $3 million this year and will give former catcher Matt Wieters $5 million in 2021. Hall of Fame closer Bruce Sutter, who retired from baseball 34 years earlier, was still receiving annual paychecks from the Atlanta Braves when he died at age 69 Friday. Many of the questions being asked cannot be reliably answered at this time. Even if the Mets dont exercise his $32,500,000 club option for 2024 hed receive the final $15,000,000 of that sum in 2039 he can still boast no less than $52,500,000 in deferred cash to his name. Ruth ended up buying an annuity through another Hall of Famer, Harry Heilmann, who worked as an insurance agent in the offseason, and ended up riding out the Depression as the Sultan of Savings, the Rajah of Retirement Planning. That amounts to $31.5 million.. Which means the Mets will cut a $1.19 million check every July 1 until 2035, when Bonilla will be 72 years old. Awards. . It involves the Atlanta Braves and Bruce Sutter. You can see him doing fake news every weekday on @TheEverythingReport and read his tweets at @seankeane. The payments began in 1991, which means that Sutter has been receiving deferred payments for 30 years. . Sam Dunn is the Managing Editor of Boardroom. For example: -- Is the money for the annuity really in an account or is it a phantom, to be paid out of annual team operating funds? Thats right, two different deferred salary gravy trains back-to-back! By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. While he was with the Braves, he technically didn't get paid his salary at all, since the cash he was given really only amounted to the interest he was going to be owed. Rather than get all of that $9.1 million paid out in relatively even amounts per year, Sutter insisted that his money be deferred. Noooo. As part of Helton's deal, he is scheduled to receive $13.1 million in. The Boston Red Sox may be the overall kings of deferred money. So they deferred a lot of player salaries, most notably that of star Mario Lemieux, who was owed $32.5 million at the time the owners declared bankruptcy the teams largest individual creditor. Not only is he a wizard with the bat, but Ichiro Suzuki also is a wizard with finances. Note: All salary figures do not include bonuses or deferred payments. When Albert Pujols jumped from the St. Louis Cardinals to the Los Angeles Angels of Anaheim, part of the deal was a ten-year, $10 million personal services contract with the team that kicks in after his retirement, or the expiration of his deal. Wayne Gretzkys time as coach of the Phoenix Coyotes wasnt particularly successful, but the management of the clubs holding company was even worse. Sutter was only paid about $750,000 per year while under the Braves control, Lewis wrote. When the Atlanta Braves signed Bruce in 1984 to a six-year contract, in a $9.1 million deal, they also admitted to deferred payments with interest following the conclusion. Chris Sale has made just nine appearances since the 2019 season and hasnt played in 2022 as of this writing, but hes absolutely set financially through at least age 50 when he receives the final $10,000,000 sum the Red Sox owe him as part of his active five-year, $145,000,000 contract. (Photo by George Gojkovich/Getty Images). He cannot be expected to be impartial on any matter regarding the Florida Gators or Atlanta Braves. That means Manny made over $10 million in salary two years after his career had officially ended. While Bobby Bonilla is the more famous long-term Mets salary obligation, pitcher Bret Saberhagen was the original. Sutter plays a chippy game, but he's hardly a crash-and-bang forward; he ranked 10th among Penguins forwards in hits last season so those hoping for a physically dominant forward are likely out . . Because Bonilla was traded to Baltimore midway through the deal, the Orioles and Mets split the money. Answer (1 of 5): I do not know of any. Planet of the Apes is getting a new comic launched and will be dedicated to the movie Sign up for Boardrooms newsletters to get the biggest stories in the business of sports, entertainment, and culture directly in your inbox daily. He has two years left on that annuity, and in 2022 will receive a lump sum of $9.1 million the . -- What happens if the Braves go bankrupt? The first of the Mets many salary deferrals came in 1985, when they deferred 40 percent of Darryl Strawberrys 1990 contract for a retirement annuity paid out at a 5.1 percent interest rate. Max Scherzer no longer plays for the Nationals. If the team breaches the contract after Sutter has retired, I dont think that much is at risk for them. For more information, please see our I myself would prefer to blend the two and not put such emphasis on the annuity, said agent Bob Woolf of Boston, who represents basketball star Larry Bird. After a lawsuit, the courts threw out the NBAs four year rule (you couldnt be drafted until your college class graduated), so Haywood changed the whole league as the first one-and-done player. Sutter spent five years with the Cubs, four with the Cardinals, and three with the Braves but remained an Atlanta resident after retirement. He is considered one of the best relief pitchers in the game, having finished the 1984 season with a 1.54 earned-run average. Thats their call.. The best deal came for their lawyer, Donald Schupak, who got 10 percent roughly $1.45 million every year, just for putting the deal together. an editor at metsmerizedonline.com, researched an listed out a bunch of future deferred payments set to be doled out in the coming . How did this happen? Next: He might be making the most of all the retired athletes still getting paid. Sutter only played four forgettable years with the Braves before retiring after the 1988 MLB season. I happen to believe that. (They havent.) Sutter was inducted into the MLB Hall . Bobby Bonilla, eat your heart out. He said he particularly takes exception to suggestions made in the press that the recent Rick Sutcliffe contract, which was reported at about $9.5 million, is worth more than Sutters contract and that Sutcliffe has thus become the highest paid pitcher in baseball. We are saddened over the passing of Bruce Sutter. He is 28 years old. If the Seattle Mariners went bankrupt tomorrow, its clear the system would absorb the liabilities. Muscogee County Sheriffs deputy helps woman attacked by dog in Columbus, Four Columbus area basketball teams made the Final Four. For the thirty years after he retired . Browse 779 bruce sutter stock photos and images available, or start a new search to explore more stock photos and images. 7 Of The Craziest Deferred-Money Contracts In Sports . --The principal of the fund after the next six years, the $9.1 million whether it is a phantom fund or not, will go to Sutter or his heirs in 2020 at the conclusion of the contract, at which time taxes will have to be paid on it. He previously played for the San Diego Padres, Boston Red Sox, Atlanta Braves, and Chicago Cubs.He is an eight-time All-Star, two-time Reliever of the Year, and a 2018 World Series champion. Sutter played 12 seasons in the big leagues from 1976-88, including four years with St. Louis,. A six-time All-Star, Sutter led the National League in saves for five years and won the 1979 Cy Young Award. All in all, its over $47 million for a pitcher who delivered just 40 saves for a team that averaged 96 losses per season. Everyone should assume there is a risk, said Randy Hendricks of Houston, who recently negotiated contracts for Andre Thornton and Steve Trout. The Orioles also will be paying Andrew Cashner until 2021, Mark Trumbo through 2022, and Darren ODay through 2023. but LOL Bonilla day pic.twitter.com/SoMmKLE4mZ. --Similarly, the club may purchase an insurance policy to guarantee the eventual annual payments. Speaking of bad McCourt era signings, the Dodgers gave Andruw Jones $9 million to sign and $12 million to play in 2008, when he showed up overweight, tore his meniscus and hit .158 in just 75 games. Ted Turner, then the mercurial and enigmatic owner of the team, had surprised the baseball world when he signed the star closer to a long-term but deferred contract after the 1984 season but never realized the dividends he expected. and exactly 17 years after he signed his first pro contract. Its better to take the money now, even with paying taxes, and make prudent investments, he said. If he had control or if the funds were segregated for his benefit, then he would be subject to immediate taxation on those amounts, a disadvantage the deal is specifically designed to overcome. Reds are paying Ken Griffey Jr 54m over 15 years deferred, still owe him 18m over the next 5 year. He didn't end on a high note like Sandy, as he succumbed to arm injuries after signing a monster contract with Atlanta, which can somewhat unfairly leave a bad impression, but we should not forget how utterly dominant Sutter was for an extended six-seven season run. The Colorado Rockies signed slugger Todd Helton to a two-year contract extension towards the end of his career in 2010. Its not discussed as often enough as the one the former All-Star has with the New York Mets, but its just as bad. Bronner spoke of an equivalent value of $13.6 million--the $4.5 million in salarie, plus the theoretical $9.1 million base upon which the annual payments will be made after the six years. The Orioles are on the hook for a ton of future obligations beyond Davis. It turned out to be a bargain, as Scherzer won two Cy Youngs and a World Series, finishing second, third and fifth, respectively, in the Cy voting in the other three years. He got $54 million for four years but lasted only 105 games, just over a year. Z-Bo deferred 30 percent ($25 million) until 2012-17 when he was starring for the Memphis Grizzlies. If they funded the annuity in this way, according to the 12.3% interest rate agreed upon, the fund would have increased to $9.1 million at the end of the six years and, according to the minimum interest rate, would fund annual payments of $1.12 million. Before joining the team, he was an editor and multimedia talent for several sports and culture verticals at Minute Media and an editor, reporter, and site manager at SB Nation. This is actually common across MLB contracts. Beyond that, however, there are many uncertainties, and the $44 million overall figure that initially was reported, which made no mention of who would receive the principal, appears too low. He was the second-highest paid pitcher in the game, only behind Jos DeLen (really). Both the Braves and the Cardinals agreed to the demands of the former Cy Young winner and future Hall of Famer. Thanks to deferred money, he collected $3,333,333 in 2011 and 2012, plus $8,333,333 in 2013, with those payments surviving the bankruptcy of parking lot king Frank McCourt. The Baseball Hall of Fame said Bruce Sutter died in . Seven Cubs pitchers combine for spring no-hitter vs. Padres, 16-year-old Padres prospect already drawing superstar hype, Cowboys owner Jerry Jones comments on Tony Pollard rumor, Ben Simmons suffers back injury while rehabilitating, Insider: It's Packers, Jets 'or bust' for Aaron Rodgers, QB Anthony Richardson doesn't understand his 'project' label, Vikings HC reveals 'crazy' thoughts about star WR, XFL player released for giving another team plays from own playbook. That's right: it was deferred until 2022. Bruce Sutter, who passed away today at sixty-nine years of age, is something of an anomaly among St. Louis Cardinals players whose numbers have been retired by the club. I felt a little differently seven or eight years ago when inflation wasnt so bad.. Sutter had his best season with the Cardinals with 45 saves in 1984 when he had a 1.54 earned run average, and after the season, he signed a $9.1 million, six-year contract with Atlanta with. The contract extension he signed in 1993 included $3.5 million deferred, which was broken up into $250,000 payments through 2028. He has not pitched in Major League Baseball since 1988 when he had an earned run average of 4.76 with the Braves. Josh Smith signed with the Detroit Pistons in 2013, and lets just say it really didnt work out. Boardroom is a media network that covers the business of sports, entertainment. There are some negative tax consequences involved. It's pretty impressive that Sutter is receiving more than $10 million a whopping 35 years after he announced his retirement. . In return for allowing the merger, they got paid $2.2 million, plus one-seventh of the broadcast TV revenues from each of the four teams joining the NBA. I was listening to a commentary about the Bonilla contract by Steve Philips, at the time the Mets General Manager, now a commentator on MLB Network on Sirius Radio. In the end, the Braves were the ones who offered more money about $9 million over 6 to the Cardinals $7 million over 5, per, First, Sutter was only paid about $750,000 per year while under the Braves control. So, depending on the rate, the actual required payments may be more than $1.12 million a year. The Dodgers also paid Manny long after he was released on waivers in 2010. He had mastered the split-fingered fastball, throwing the pitch for strikes, and led the National League in saves five times. Reddit and its partners use cookies and similar technologies to provide you with a better experience. That is going to create for Rick an annuity that pays $900,000 a year beginning in 12 years. Part of the entire package we worked out for Rick (Sutcliffe) is an annuity, or series of annuities or insurance policies, that will pay Rick a lot of money down the line, Axelrod said. Oops. The Sox will also be paying Manny Ramirez until hes 54, thanks to $32 million in deferred money theyre paying out over 16 years. Sales contract led to luxury tax concerns that encourage Bostons trade of David Price and Mookie Betts, but some of that money will be haunting them financially until Sale is 50 years old. Pretty good deal for Saberhagen, who got 25 years of payments from a contract where he won 21 games. The 1979 NL Cy Young Winner signed a six-year, $9.1. . Sutter just ended games like he was turning off a light switch. Bruce's best seasons were behind him when he signed with the Braves before the 1985 season, but nobody knew it at the time. You are betting on the viability of both the sport and the franchise. Bronner said he does not know what financial state baseball is in, but he noted that baseball has a rule that clubs must maintain substantial assets to pay their liabilities. Jun 25, 2018. Then, a deferred payment account would take over. Zach Randolph has deferred significant portions of his contracts two separate times, starting with his six-year, $84 million Blazers deal in 2004. MLB commissioner Rob Manfred released a statement in regards to. In addition, the Braves will also have to pay Sutter one final check for $9.1 million when the deferred payments stop. The 1979 NL Cy Young Award winner and a member of the Cubs Hall of Fame, Sutter pitched with Chicago from 1976-80, collecting 133 . Since the dumb 1980s Atlanta Braves agreed to pay the $9.1 million deal in full, they agreed to pay Sutter deferred payments of no less than $1.12 million through 2021. Prior to Bobby Cox replacing Russ Nixon as the teams skipper, the Atlanta Braves were a terrible National League franchise for much of their tenure after relocating from Milwaukee in the mid-1960s. The 32-year-old Sutter was coming off of a career high 45 saves and a 1.54 ERA in 1984. Then, you dont have all your eggs in one basket.. He died Thursday in Cartersville, Ga. His deal gave him $35 million over the seven years after his retirement in 2016, so Boston will be paying him through 2024. The Silna brothers owned the St. Louis Spirits at the time of the ABA-NBA merger, when the NBA absorbed the Nets, Spurs, Pacers and Nuggets. . In addition, Sutter will be collecting on annuities of undisclosed size from an earlier contract with the Chicago Cubs and he felt that for him this kind of deal actually constituted less of a risk than taking a larger amount of money now. The worst part was that Sutter decided to use his big free agency contract as a financial planning opportunity. Unfortunately, Strawberrys tax problems meant the annuity was eventually seized by the IRS and auctioned off in 2014. He posted 300 saves in a 12-year career with the Chicago Cubs, St. Louis Cardinals and . Each year, his Braves "salary" of $750,000 was just an interest payment on. But we chose not to want to let them (the Cubs) have control. Two other issues between Bronner and some of the other agents involved his willingness to accept such a high percentage of the total compensation in deferred payments and his relative optimism that the Braves in particular and baseball in general will maintain the financial viability over the next 36 years necessary to pay off the contract. Jacob deGroms five-year extension signed in 2019 deferred $52.5 million until 2035-39. A total of $4.8 million would be paid in salary over the six years and the other $4.8 million would be invested into a deferred payment account at 13 percent interest that would pay Sutter $1.3. Sutter set a National League record with 45 saves in 53 chances last season. the Braves agreed to pay him no less than $1.12 million per year, and potentially more if interest rates spiked above a negotiated floor of 12.3 percent. Sutter's natural athletic ability was apparent in his youth. He was worth, collectively, -0.3 bWAR, and at no point during his Braves career did he turn in an above-replacement-level season as a pitcher. But that wasnt even the worst part. Sutter annually receives $1.12 million from the Atlanta Braves and will continue to receive payments until 2022. Emailed daily. Bruce Sutter joined the team in 1985 and left in 1988, making 40 saves along the way. pays former player Bobby Bonilla $1.19 million, This former Tampa Bay Rays player predicted exactly how Braves would win World Series. Alex Cobb deferred $20 million from his four-year, $57 million deal, and hell be getting $1.8 million every Nov. 30 from 2023-32. He said he is worried about contracts that deal in unfunded liabilities and hinted that further action might be taken to restrict such deals. Sutter debuted with the Cubs in 1976 following an unlikely minor league odyssey.