Former British Prime Minister Boris Johnson pulled himself out of the race to lead the Conservative Party on Sunday, saying that "you can't govern effectively unless you have a united party in [P]arliament."
"There is a very good chance that I would be successful in the election with Conservative Party members – and that I could indeed be back in Downing Street on Friday," Johnson said in a statement.
"But in the course of the last days I have sadly come to the conclusion that this would simply not be the right thing to do."
Johnson officially resigned last month and was replaced by Liz Truss, who subsequently quit last week after just 44 days in power.
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He had flown back to the U.K. last week from a Caribbean vacation to try to garner the backing of 100 lawmakers and force the contest into an election.
Johnson bowing out of the race clears the way for his former finance minister, Rishi Sunak, to be the next prime minister.
Sunak, whom the BBC reports has the backing of almost 150 lawmakers, said Sunday that he wants to "fix our economy, unite our party and deliver for our country."
"The choice our Party makes now will decide whether the next generation of British people will have more opportunities than the last. That’s why I am standing to be your next Prime Minister and Leader of the Conservative Party," Sunak said in a statement on Sunday.
"There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done."
If the other main contender, Penny Mordaunt, fails to gain the backing of 100 lawmakers by Monday, then Sunak will automatically be named prime minister. If both candidates do get the support of 100 lawmakers, then the party membership will vote this week and a winner will be announced on Friday.
Reuters contributed to this report.