Bill Freeman, the local real estate executive and Democratic fundraiser who bought the Nashville Scene, Nashville Post and Nfocus last year, will not enter this year’s mayoral race.

Freeman confirmed his decision in a statement Monday afternoon. The announcement comes after months of speculation regarding whether Freeman would make another run at the mayor’s office following his unsuccessful 2015 bid. With rumors about his decision swirling late last week, Freeman responded to questions about his plans by saying he was still undecided.

As things stand, Mayor David Briley only has one challenger — Democratic state Rep. John Ray Clemmons. Former Vanderbilt professor and frequently controversial right-winger Carol Swain has said she is considering a run. At-Large Metro Councilmember John Cooper announced that he would not run for the office in February after widespread speculation about his interest.

In 2015, Freeman finished third on Election Day behind Megan Barry and David Fox, narrowly missing the runoff.

You can read his statement in its entirety below: