The New York Mets are being sued for $300 million for their involvement in the Bernard Madoff Ponzi scheme.

Details of the lawsuit filed by the trustee for Madoff’s victims were made public today.

The suit alleges the Mets knew or should have known that the profits they were making off investments with Madoff were too good to be true. It also says the team and the owners had about 300 accounts with Madoff, and the money they received from him “flowed through every aspect of the business” over a more than 20-year span.

In response team owners Fred Wilpon and Saul Katz released a statement saying in part.

“The Trustee’s lawsuit is an outrageous ‘strong arm’ effort to try to force a settlement by threatening to ruin our reputations and businesses which we have built for over 50 years…The conclusions in the complaint are not supported by the facts. While they may make for good headlines, they are abusive, unfair and untrue. We categorically reject them. ”

Today’s news is just another indication of the financial trouble the team is in. The Wilpons said last week they were considering a partial sale of the team.

(Source: NY1)