Chris Bosh’s deferred payments from the Heat are coming to an end. Here are the details
One of the Miami Heat’s Big 3 members is set to receive the last payment of his final playing contract with the team.
With blood clot issues forcing Chris Bosh to end his NBA playing career early, the Heat waived him at the end of the 2016-17 season with $52.1 million remaining on his contract. He was paid that balance in 120, twice-monthly installments of $434,393 starting on Nov. 15, 2017.
Bosh was scheduled to receive the 120th and final installment of that payment plan on Tuesday.
Bosh isn’t the first athlete to receive payments from a team after retiring.
In Major League Baseball, Bobby Bonilla is the most famous case. The New York Mets owed Bonilla $5.9 million after releasing him in January 2000. Bonilla and the Mets deferred payments at 8 percent interest across 25 years. Every July 1, Bobby Bonilla Day takes place with the former All-Star and Marlins World Series winner receiving $1.19 million. The final payment takes place in 2035.
Some other retired MLB players who receive deferred payments include Ken Griffey Jr., Manny Ramirez and Bret Saberhagen, according to CBS Sports.
The outlet reported retired NBA star Kevin Garnett is receiving $5 million per year until 2024 from the Boston Celtics.
Miami Herald sports reporter Anthony Chiang contributed to this report.
