FILE- In this March 22, 2012, file photo, New York Mets owners Fred Wilpon, left, and Saul Katz watch a spring training baseball game between the Mets and the Houston Astros in Port St. Lucie, Fla. The Mets' primary owners and their affiliates owe at most
Patrick Semansky, File
May 31, 2016

NEW YORK (AP) The New York Mets' primary owners and their affiliates owe at most about $61 million to the trustee for Bernard Madoff's fraud victims and have reached an agreement to defer some of what is due until 2020.

Under a deal reached four years ago that avoided a trial in federal court, Fred Wilpon, Saul Katz and their affiliates agreed with trustee Irving Picard to pay a maximum $162 million.

Picard said Tuesday that his legal team had succeeded in recoveries that have been distributed to victims that were sufficient to reduce the amount to $61,233,343. Under the original agreement, the Wilpon/Katz entities were to pay $23,321,931 on June 1 this year and $37,911,412 on June 1 next year.

As part of a new agreement, Picard said the Wilpon/Katz entities owe $16 million by this June 1, with the balance due in annual installments each year from 2017-20. The balance accumulates interest at a 3.5 percent rate.

In a joint statement, Picard and the Wilpon/Katz entities said they expect additional interest payments to total a minimum of about $2.2 million. Wilpon, the Mets' controlling owner, and Katz, his brother-in-law and the team president, increased personal guarantees to cover the entire unpaid balance.

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