Mets Owners Reach Settlement With Madoff Trustee

The Mets' owners settled the ongoing lawsuit against them this morning. They agreed to a $162MM settlement with Irving Picard, the trustee for those who lost money in Bernie Madoff's Ponzi scheme, Richard Sandomir of the New York Times tweets. Fred Wilpon, Jeff Wilpon and Saul Katz won't have to start paying the settlement for three years.

The settlement doesn't mean the Mets' financial woes are over with, Ken Rosenthal of FOX Sports writes (Twitter link). However, Mets ownership is better-positioned to maintain control of the team. The settlement also caps expenses for the owners, who oversaw a $50MM reduction in payroll this offseason.

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