UPDATE 1-Spain's Codere says owners not met debt repayment

*Codere says owners have not met debt repayment deadline

*Shares suspended until 0730 GMT Monday (Adds background)

MADRID, Oct 31 (Reuters) - Spanish gaming group Codere (CDRE.MC) said on Friday that its owners, the Martinez Sampedro family, has not met the deadline for a repayment of debt which is outstanding with the company's former owners the Franco family.

In a statement, Codere said the two parties are in talks over a solution on how to make the payments, but as yet no agreement has been reached.

The Martinez Sampedro family was due to pay 188 million euros ($240.2 million) to the Franco family on Oct 31, as part of a payment for acquiring a 41 percent stake in the gaming firm. The Martinez Sampedro family owns 71 percent of Codere.

Under the terms of the purchase agreement, if the Martinez family does not make the payment, it will have to renegotiatie its debt or sell its stake.

Both the Martinez Sampedro family and the Franco family have the right under the initial contract to demand the stake be sold.

Shares in Codere were suspended ahead of the announcement, trading down 3.16 percent at 9.20 euros.

Trading will be resumed at 0730 GMT on Monday, the stock exchange authority said. ($1=.7826 euros) (Reporting by Judy MacInnes; Editing by Greg Mahlich)