Newt Gingrich Loses His Sugar Daddy
Newt Gingrich may soon find it very hard to compete against Mitt Romney, or even Rick Santorum, now that the man who was funding his SuperPAC with multimillion dollar donations has decided it’s time to close the checkbook:
Newt Gingrich was just days away from the Jan. 31 Florida Republican presidential primary when he told reporters that his campaign was down to its last $600,000.
Five losing contests later, Gingrich and Winning Our Future, an outside political action committee supporting him, are almost silent on television airwaves, offering free water and coffee at events, and revamping a fundraising strategy based largely on the support of a single wealthy backer, Sheldon Adelson, and the Las Vegas casino owner’s family.
In the past seven days, Winning Our Future has spent $61,290 on broadcast television advertisements, compared with $636,920 spent by Mitt Romney and a super-PAC backing him, Restore Our Future, according to data compiled by New York-based Kantar Media’s CMAG, a company that tracks advertising.
For now, the Adelsons don’t plan to deliver another big check to float Gingrich’s campaign, according to a person familiar with their deliberations. The family has donated a combined $11 million to Gingrich’s super-PAC in the past two months, according to interviews and Federal Election Commission records. An Adelson spokesman declined to comment.
Winning The Future now say that it is going to concentrate on smaller donors, but that kind of fundraising isn’t necessarily going to help in the big media, multi-state contests to come. Combined with the fundraising problems that the Gingrich campaign itself seems to be having, there’s no way that this can be considered good news for Gingrich.