When you read the headline: Red Sox STILL Paying Manny Ramirez, one might say, HOW is that possible? The former Red Sox slugger Manny Ramirez is STILL on the Red Sox payroll? Well it is possible. In fact, there are many business deals in that may go down that sound unbelievable. Long term deals that pay, long after the talent leaves, is more normal that you know.
This type of contract structure usually appears more in sports and broadcasting mostly. But it doesn’t stop there. It may show up in movie actor contracts as well. You may surprised to see that artists that have even DIED, could be still getting an an income for their likeness, and previous work.
My favorite one to share is almost legendary. It seems like The Force was with iconic actor Alec Guinness, who of course played Obi Wan Kenobi in Star Wars. Rather than take a $100,000 salary for the few lines in the first movie, something else went down. He BRILLIANTLY opted to take TWO percent of the gross box office proceeds. So instead of $100,000 Guinness made $7 MILLION immediately, which is about $36 million today. It get’s better. By the time of his death in 2000, he reportedly made $100 million!! Now some reports say it’s more like $50 million. Not bad for 19 minutes and 33 seconds of screen time in Star Wars IV. Add in V and VI, the total Star Wars screen time for Guinness, 23 minutes, 13 seconds. So doing the math, that’s about FOUR MILLION per minute.
Manny’s star power for the Sox is legendary. Yes, he was instrumental in “reversing the curse” helping the Sox win their first championship in 86 years. He was named World Series MVP in 2004. Manny helped take the the Sox to another championship in 2008. In Fansided.com, I found a fascinating report that says Manny is STILL being payed today by the Red Sox. Manny signed a $160 million deal before 2001 with $20 million options for the 2009-2010 seasons. He was traded before the END of his contract. According to Fansided.com:
“the Red Sox still owed Ramírez $32 million dollars which they agreed to pay him over 16 years as deferred salary. So every July 1st from 2010 through 2026, Ramírez receives roughly $2 million from the team.”
So while we see the Red Sox STILL paying Manny, let’s take a look to see WHO ELSE got a Manny style deal!