CLEVELAND — Wright State University is pulling out of its presidential debate scheduled for September 26, and the debate will move to Hofstra University, sources confirmed to CNN on Tuesday.

Wright State University President David Hopkins told the Dayton News, which first reported the story, that the university decided to pull out of the debate due to rising security concerns and costs.

He said insufficient fundraising forced the university to pull out of the debate, which could have cost the university as much as $8 million, according to the Dayton News.

Hofstra University, which hosted a presidential debate in 2012, will instead host the first debate between the general election candidates.

The Commission on Presidential Debates said Tuesday that the Long Island university "served very successfully as a presidential debate site in 2012" and that they look forward to working with the university again this year.

PIX11's Talia Tirella contributed to this report.