GRAND JUNCTION, Colorado - A spokesperson from gubernatorial candidate Scott McInnis' camp has confirmed that Josh Penry will step down from the race.
"The story is true," said Liz Beerman, McInnis' director of campaign operations, adding that Penry and McInnis met Monday morning. She wouldn't elaborate on the details of the meeting.
"Penry is stepping down, and he is throwing his support behind Scott," she said.
A prepared statement released Monday afternoon from the McInnis campaign said: "Scott McInnis has a tremendous amount of respect for Josh Penry and his team. Scott believes that Josh's future is bright and today is his day. We will have further comment in the near future."
An anonymous source tied to the Penry campaign cited financial issues as the reason for his exit from the race.
"He's fighting an uphill battle on the finances side," said the source. It takes money to win gubernatorial races and Penry, 33, felt he might not be able to raise what is needed.
Calls to Penry's campaign manager Andrew Cole have not been returned.
As of September, Penry has raised $400,000. His opponent for the Republican nomination, former U.S. Rep. Scott McInnis has raised $545,000.
"Josh has done a terrific job framing issues in the race ... and if indeed he's stepping down, Penry has left a playbook McInnis would be wise to pick up and run [with]," said Penry supporter and former State Rep. Rob Witwer.