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Though many likely won’t realize it, Monday will officially sever Arenas’s last real connection to the Wizards – even though the franchise washed its hands of “Agent Zero” long ago. That’s because the Orlando Magic, which acquired Arenas from the Wizards for Rashard Lewis back in 2010, will send one final check to the three-time All-Star guard, the final installment of the six-year, $111 million contract Arenas signed with the Wizards back in 2008.

Gilbert Arenas used some of his $111M contract extension cash to install this shark tank. Source: MouseOnHouse.com

Xatticus wrote:This should be an appreciation thread.

drsd wrote:The stretched five years would have averaged a net paycheque of about $400,000 a month. Not bad for not playing ball.

Nemesis21 wrote:It's almost like the Mets paying Bobby Bonilla 1.2 mill a year from 2011 until 2035. He retired 14 years ago.

MagicMadness wrote:Arenas' contract ending > Cubs WS drought ending

Nemesis21 wrote:It's almost like the Mets paying Bobby Bonilla 1.2 mill a year from 2011 until 2035. He retired 14 years ago.

Wow...LOL

Nemesis21 wrote:

MagicMadness wrote:Arenas' contract ending > Cubs WS drought ending

Nemesis21 wrote:It's almost like the Mets paying Bobby Bonilla 1.2 mill a year from 2011 until 2035. He retired 14 years ago.

Wow...LOL

Yeah they wanted to release him, but he was still owed 5.9 mill. He and his agent came up with a deal and the Mets owner agreed.

The Mets have never really talked about the deal, but it is well known that their owners, the Wilpons, had many accounts with investor Bernie Madoff. Madoff was returning 12 to 15 percent a year in what we now know were fictional returns. So deferring deals wasn't a problem because the payout would occur years later and the interest rate would be lower than the money they were (fictionally) getting back from Madoff. To see the deal as the Mets would have seen it, let's say the Wilpons put $5.9 million into a Madoff account in 2000 and got a conservative (by Madoff standards) 10 percent annual return. By 2011, when they would have to pay Bonilla for the first time, they would have already grown their pot to $16.83 million. Even with paying off Bonilla every year, they would wind up with a $49 million profit on the deal. Of course, the Madoff returns weren't real, which complicates this hindsight.

From espn ^

Optimus_Steel wrote:

Nemesis21 wrote:

MagicMadness wrote:Arenas' contract ending > Cubs WS drought ending




Wow...LOL

Yeah they wanted to release him, but he was still owed 5.9 mill. He and his agent came up with a deal and the Mets owner agreed.

The Mets have never really talked about the deal, but it is well known that their owners, the Wilpons, had many accounts with investor Bernie Madoff. Madoff was returning 12 to 15 percent a year in what we now know were fictional returns. So deferring deals wasn't a problem because the payout would occur years later and the interest rate would be lower than the money they were (fictionally) getting back from Madoff. To see the deal as the Mets would have seen it, let's say the Wilpons put $5.9 million into a Madoff account in 2000 and got a conservative (by Madoff standards) 10 percent annual return. By 2011, when they would have to pay Bonilla for the first time, they would have already grown their pot to $16.83 million. Even with paying off Bonilla every year, they would wind up with a $49 million profit on the deal. Of course, the Madoff returns weren't real, which complicates this hindsight.

From espn ^

Wait what? Is this true?

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