Colin Craig says he will not be seeking re-election as leader of the Conservative Party because it would be wrong to take on the role while he is being investigated by police.
The Conservative Party's newly elected board confirmed today it was looking to get back on track after a disastrous year by electing a new leader.
Mr Craig, the party's founder and main financial backer, said he would not be amongst the contenders.
He is facing a police complaint over his party's spending during the 2014 election, though no charges have been laid.
"My feeling is that it is not right for me to put my name forward until the most serious allegations are cleared," he said.