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The Democratic and Republican nominees for president will debate at Hofstra University in New York on Sept. 26.

(AP File Photos)

CLEVELAND, Ohio -- Citing rising costs for security and its failure to raise enough money, Wright State University pulled out from hosting the first presidential debate set for September 26.



"I can't assure the safety of our students and the community," Wright State president David Hopkins told the Dayton Daily News. "I wanted it so much for our students," Hopkins said. "I hate this decision. It hurts my heart."



According to the newspaper, the university needed to raise $8 million for the event, but had only raised about $3.5 million so far.



The report said $500,000 had already been spent renovating the debate venue, the Nutter Center. Hopkins hopes to recover some of the $2 million advance the school paid to host the debate.

Wright State Board of Trustees chair Michael Bridges called pulling out of the debate "the responsible to do" in a statement released by the university. "While the community has been overwhelmingly supportive of Wright State hosting the debate, the safety and security of the campus and community is of paramount importance," he said.

The debate will be held instead at Hofstra University in Hempstead, New York.

"The Commission very much appreciates Wright State's efforts. Hofstra University served very successfully as a presidential debate site in 2012," the Commission on Presidential Debates wrote in a statement.

A total of four debates are scheduled before the election on Nov. 8.