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Mets, Madoff Trustees Settle At $162 Million

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According to Rich Sandomir of the New York Times, the Mets and the trustees for the victims of the Bernie Madoff Ponzi scheme have settled at $162 million. While the amount is nothing to sneeze at, it's considerably less than the $386 million the Mets' ownership group might have faced had they gone to trial.

Per Adam Rubin, the owners will not have to make any payments on the settlement for three years. In addition, they are entitled to seek recovery of $178 million in funds they lost in the Madoff scheme. As Rubin points out, they should receive some, but definitely not all, of that money to help offset what they owe as a result of the settlement.

It's too soon to know whether or not the Wilpon group will be able to continue its ownership of the team indefinitely, but the major financial question hanging over their heads for the past couple of years is no longer a question. $162 million is still a lot of money, but the prospect of owing $1 billion, which was the amount originally sought in the lawsuit, is no longer possible.