Former Detroit Police Chief James Craig (R ) is dropping out of the Michigan U.S. Senate race, he told multiple outlets.

In interviews with The Associated Press and The Detroit News, Craig confirmed that he was suspending his bid in the Republican primary for Michigan’s U.S. Senate seat. The Michigan senate race is seen as a potential gain for Republicans after Sen. Debbie Stabenow (D-Mich.) announced she would not be seeking reelection in November.

“This is strictly a business decision,” Craig told The Associated Press in an interview. “I’m not leaving because I felt like I didn’t have the support. But from a business end, you need funds to run a campaign.”

He also told The AP and The Detroit News that he is considering running in Detroit’s mayoral election next year.

The Detroit News reported that Craig’s campaign had $27,999 available at the start of 2024. He told the newspaper that his campaign received an estimate that said he would need $350,000 to help gather enough signatures and ensure they were valid if he were to stay in the race.

“The reality is fundraising is a challenge right now,” Craig told The Detroit News.

The Detroit News first noted that his campaign website was no longer accepting donations.

Craig retired as the police chief in 2021 to run for Michigan governor in 2022. He was later disqualified from the ballot for the GOP nomination after it was discovered some signatures on his candidate petitions were fraudulent.

He announced his bid for the U.S. Senate seat last October.

Now, the pool has dwindled to other candidates seeking the GOP nomination, including former Reps. Mike Rogers and Peter Meijer as well as businessman Sandy Pensler. Former Rep. Justin Amash (Mich.) also said he was considering throwing his hat in the ring last month by launching an exploratory committee.

 Rep. Elissa Slotkin (D-Mich.) is favored to secure the nomination on the Democratic side.

The Hill has reached out to his campaign for comment.