JEFFERSON CITY, Mo. – Citing a lack of financial resources, Democratic auditor candidate Jay Swearingen announced Wednesday he would be bowing out of the race – just ten months before the election.

Swearingen, a state representative from Kansas City, called Auditor Tom Schweich, a Republican, Tuesday night to inform him of his decision before making his public announcement in an email to supporters on Wednesday.

“I am sadly announcing that I will no longer seek the office of State Auditor,” Swearingen wrote. “By getting out now, I open the door for another Democrat to enter the race and have enough time to gather the necessary resources to mount a successful campaign.”

It is not clear yet who might mount a challenge to challenge Schweich. Even Democrats on Wednesday privately referred to the race as something of a lost cause, questioning who they might elevate as a “sacrificial lamb” to take on Schweich.

Swearingen said he raised just over $50,000 in the most recent fundraising quarter, only a fraction of Schweich’s $238,000 haul. Schweich’s campaign account was boosted again Tuesday with another $100,000 investment from former U.S. Ambassador Sam Fox.

“This quarter we raised just over $50,000. In all other areas of my life, that is a huge amount of money,” Swearingen said. “But for a state-wide campaign with only 10 months left, it does not represent a large enough base to build upon.”

In all, Schweich has more than $750,000 on hand as he looks toward November and beyond to a potential 2016 gubernatorial campaign.