BREAKING: The Mets owners have settled with the bankruptcy trustee for $162 million

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UPDATE: Richard Sandomir reports that the settlement is for $162 million.

This is still a hefty chunk of change, but it is less than the liability they faced. And, more importantly, it brings certainty to what has been an uncertain liability hanging over the team’s head for a couple of years now.

9:27 AM: The trial involving the Mets owners and the bankruptcy trustee in the Bernie Madoff mess was to begin this morning.  Minutes ago, however, it was announced that the parties have reached a settlement.

This was not expected. And at the moment we have no details.  We’ll update as soon as we learn some.

Instant reaction, though: My guess is the Wilpons and Saul Katz don’t settle unless it allows them enough financial comfort to keep control of their most treasured asset, the New York Mets.