BREAKING: Mets, Madoff Trustee Settle Lawsuit

Andrew LeRayContributor IIMarch 19, 2012

Mets ownership is on the hook for $162 million.
Mets ownership is on the hook for $162 million.Marc Serota/Getty Images

The New York Times' Richard Sandomir is reporting the Wilpons, Saul Katz and Irving Picard have reached a $162 million settlement.  

The clawback lawsuit filed by Picard—the bankruptcy trustee in the Bernie Madoff debacle—could have reclaimed a maximum of $386 million had the trial continued.  Monday was to be the first day of what many thought would be a messy trial, but a settlement was reached minutes before the proceedings began.

Recently, the Mets were ordered to pay $83 million in false profits that were reported as a result of ownership's relationship with Madoff.  That number is now replaced with the $162 million figure.

The Mets do not have to begin paying off the settlement for three years.  The Bergen Record's Bob Klapish explains why.

By settling for far less than what was initially sought, it appears the Wilpons and Katz will be able to maintain their ownership of the franchise for the time being.  

Without a consistent revenue stream from the Mets this season, that situation may change.