Magna Entertainment Corp. is seeking to extend the deadline to provide an initial bid for Maryland's thoroughbred race tracks.

Magna, which filed for bankruptcy protection in March, was scheduled to reveal the lead bidder Monday. Saying it needed more time to finalize an agreement with an unnamed party, the Ontario-based firm filed a motion on Monday asking a Delaware bankruptcy judge for permission to extend the deadline to Wednesday.

After the initial bid is announced, those who wish to bid against it have until Dec. 4 to submit a bid to Miller Buckfire, the New York firm handling Magna's assets auction. An auction for Pimlico Race Track, Laurel Park and the Bowie Training Center is scheduled for Jan. 8.

Potential buyers must agree to keep the Preakness, the second leg of the Triple Crown, in Maryland.