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.

Horse racing
loading...

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.)

More From New Jersey 101.5 FM