NY Mets owners buy time in Madoff case The owners of the New York Mets will pay $162m to settle with the trustee recovering assets for victims of Bernard Madoff's Ponzi scheme, a move that could help them hold on to the financially troubled baseball franchise. The agreement was revealed on Monday, the day jury selection was to have begun in a trial to decide whether the Mets owners, Fred Wilpon and Saul Katz, would have to pay up to $386m to the trustee. The Mets owners appeared with their lawyers and members of the trustee's legal team before Judge Jed Rakoff. Irving Picard, the trustee, initially pursued claims of up to $1bn against the owners, arguing they were "wilfully blind" in their disregard of evidence that Mr Madoff's enterprise was criminal. That amount was reduced to $386m recently. The $162m represents the fictitious profits earned by the Mets owners for the six years before Mr Madoff's arrest. The Mets owners have bought themselves time. According to the settlement they will not have to make any cash payments for three years. After that period, they will have to pay the balance in two instalments, at the end of the fourth and fifth years. In the meantime, Mr Wilpon and Mr Katz will be able to use money they are owed by the trustee for their losses related to the Madoff case. They are seeking $178m in such funds, but there has been no decision yet on how much they will receive. The timetable for payments gives the Mets time to steady their finances. The team is losing money and has significant debt payments on the horizon. "Although this is something of an anticlimax, I think it is always positive when parties are able to resolve their differences," Mr Rakoff said. David Sheehan, a lawyer for the trustee, said the decision to settle was based on the ability to "enhance the fund and help the victims." Mr Picard has recovered $9bn of an estimated $17.3bn sought, but much of it is tied up in litigation. As part of the settlement the trustee will no longer pursue the wilful blindness claims against the Mets owners. "We are not wilfully blind and we never were," Mr Wilpon said. Both sides have agreed not to make disparaging remarks about the others. "All I can say is, love is wonderful," said Mr Rakoff. Mario Cuomo, former governor of New York, acted as mediator. The settlement was reached last Friday and will have to be approved by April 13. "Nobody gets everything they want in a settlement," said Mr Cuomo. The damage done by the Madoff scheme is irrevocable and the legal system is imperfect.