Thoroughbred horses may have run their last race in New Jersey.

Gov. Chris Christie has given the state's thoroughbred horse owners a week to come up with a new deal to save the industry after a private investor pulled out of an agreement to lease Monmouth Park racetrack.

Investor Morris Bailey has pulled out of a five-year lease deal for the Oceanport track.

Christie blamed the owners Monday for the deal's collapse.

He said the owners' group demanded $5 million in additional purse subsidies after a handshake deal was made to save the industry by privatizing it.

Christie decided to end state subsidies to racing more than a year ago.

A deal with investor Jeff Gural to lease the Meadowlands track for standardbred racing appears on track.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)