Youngkin put $20M of own money into campaign
FALLS CHURCH — Republican Glenn Youngkin’s trend-reversing victory in Virginia’s gubernatorial race cost him $20 million out of his own pocket, according to new campaign finance reports.
The reports filed Thursday with the State Board of Elections show that Youngkin, a wealthy businessman and newcomer to politics, did not make any last-minute loans to his campaign in its final weeks. The $20 million he had loaned to his campaign had already been reported.
The personal loan, though, let him keep pace on a financial front with Democrat Terry McAuliffe, who has extensive fundraising contacts through his long career.
The final reports show McAuliffe raised $68.7 million through the course of the election cycle.
Youngkin raised almost as much — $67.9 million — during the cycle, including the $20 million he lent his campaign.
Youngkin’s campaign reported it still had nearly $3.5 million in the bank.
The fundraising shattered records set in the 2017 gubernatorial campaign.
Youngkin, who spent his teenage years in Virginia Beach and graduated from Norfolk Academy, defeated McAuliffe in last month’s election.
He led a GOP sweep of all three statewide offices, including lieutenant governor and attorney general, to mark Republicans’ first statewide victories in Virginia since 2009. In the lieutenant governor race, Winsome Sears won despite a 2-1 disadvantage in fundraising. The final reports show that Sears raised $2.9 million for the election cycle compared with $6.8 million for Democratic opponent Hala Ayala.
In the attorney general race, Republican Jason Miyares of Virginia Beach also was outraised in his successful bid to oust two-term Democrat Mark Herring.
Miyares raised $7.2 million during the cycle, compared with $9.2 million for Herring.