Story highlights Ricketts' family owns the Chicago Cubs

He spent about $1 million in helping to elect Trump

Washington (CNN) Todd Ricketts has withdrawn his nomination as deputy commerce secretary, officials said Wednesday, becoming the latest casualty of President Donald Trump's early wave of high-ranking staff selections who stepped aside before being confirmed to serve in the administration.

Ricketts, whose family owns the Chicago Cubs and spent about $1 million in helping to elect Trump, struggled to reconcile his family's complicated finances with the Office of Government Ethics.

"He wanted to serve, but couldn't untangle all of the finances," a person close to Ricketts told CNN.

The announcement of Ricketts to serve in the number two position at the Department of Commerce, which Trump made back on November 30, was among the earliest decisions made by the President-elect. But nearly five months later, Ricketts had yet to face a confirmation hearing in the Senate because his financial paperwork had not been approved by the ethics office.

"I am deeply honored that President Trump nominated me to serve as deputy secretary of commerce," Ricketts said in a statement. "I offer my continued support for President Trump and his administration and the important work they are doing to promote economic opportunity. I hope there are other opportunities to contribute to his administration in the future."

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