New York Mets Owners Reach Settlement Agreement with Bankruptcy Trustees

The Wilpon family, which owns the New York Mets, has agreed to a settlement with the bankruptcy trustees for the Bernie Madoff scandal, according to Richard Sandomir of the New York Times. 

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SETTLEMENT!

— Richard Sandomir (@RichSandomir) March 19, 2012"

He later reported the amount of the settlement of $162 million, which is actually a good number for the Wilpons, all things considered. 

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162M Settlement

— Richard Sandomir (@RichSandomir) March 19, 2012"

What It Means

The best part of this settlement is the fact that the Wilpons can now put the whole Bernie Madoff situation behind them. It was a crutch that has held up most of the business moves the team may have tried to make. 

It is a significant loss for the family, but it should not prevent them from running the day-to-day operations of the franchise. Whether you like the direction of the franchise or not is another story entirely. 

What Happens Next?

Now, the New York Mets franchise can just get back to baseball. Instead of having to hear about the financial situation, Bernie Madoff and whether or not the Wilpon family will have to sell the franchise it has owned at least a part of since 1980.

This is probably going to be the biggest "victory" the Mets have this season. The team on the field is not going to be very good, as they are starting to rebuild. Don't be surprised to see them try to shed some more contracts before the trade deadline in July. 

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