The consortium attempting to take over the Plymouth Devils has been given until 23 November to complete a deal.
The British Speedway Promoters Association (BSPA) have granted an extension with the hope that a deal can still be concluded with the landowners.
Last week the group after failing to get a deal on their St Boniface Arena home.
A group of four businessmen are
"The BSPA has taken a collective decision to offer the consortium an extension for their league declaration until close of business on Friday 23 November," said one of the consortium's members, Godfrey Spargo.
"The chairman of the BSPA will be contacting the St Boniface College business manager after the weekend to emphasise this position and to attempt a solution to the current impasse."