Owners of the New York Mets have eked out a settlement with the trustee responsible for recovering money for victims of Bernie Madoff’s Ponzi scheme. Under the deal, the Mets will pay a $162 million settlement.

But they don't have to write a check for at least three years.

The agreement was announced by Judge Jed Rakoff just as a civil trial was set to begin in U.S. District Court in Manhattan to determine if the team's owners might owe as much as $386 million because they were among those who made significantly more than their original investment in Madoff's investment company.

The team has been struggling financially, and the trial set the franchise back even more. 

Wayne McDonnell is a sports management professor at New York University. He described the settlement a Mets victory.

“Now the Mets can focus time effort and energies on rebuilding the franchise rather that just worry about court appearances and trials coming up,” he said.

Even with the victory, McDonnell says the team will still struggle to meet expenses.

Mets' owners Fred Wilpon and Saul Katz have slashed payroll, and found partners to buy small pieces of the team to raise cash.

The deal left Wilpon and team President Saul Katz, who together personally promised to pay $29 million, speaking confidently of the team's future.

Katz said outside the courthouse that the Mets were on secure financial footing. "Always was," he said.

Outside court, Wilpon and Katz seemed relieved that they were freed from the accusation. They have always insisted they knew nothing of Madoff's fraud.

"We are not willfully blind," Wilpon said. "We never were. We acted in good faith."

Katz called litigation "negative energy."

"We are very pleased to have this behind us," he said. "We have done everything in good faith. The settlement itself bears that out."

Picard originally sought $1 billion from the owners, putting a dark cloud over the team that led to an effort over the past year to raise money through new investors. The club also has slashed payroll as its revenue has suffered with declining attendance and product sales as the team has struggled on the field.

As he stepped into a car, Wilpon declined to discuss how the settlement might affect the club's efforts to raise additional cash.

"We'll address that," he said.