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.
Ken Rosenthal of The Athletic reports that the Rays and infielder Brandon Lowe have agreed on a six-year, $24 million contract extension. Lowe has just 58 days of service time, so this will cover his three years of pre-arbitration as well as three arbitration years.
Lowe, 24, earned a promotion to the majors in early August last year, playing mostly at second base but also logging time in both outfield corners. Through the end of the season, he hit .233/.324/.450 with six home runs and 25 RBI in 148 plate appearances. Lowe also performed well this spring, batting .359/.405/.692 with a pair of homers and 14 RBI in 39 at-bats.
MLB Pipeline rates lowe as the No. 10 prospect in the Rays’ system. He is in line to see regular starts at second base, but the Rays will certainly be keen to utilize his versatility throughout the year.