Incumbents Hold Cash Advantage Heading Into Key 2024 Senate Races

Vast amounts of money flowed into the Arizona, Ohio, and Montana Senate races in 2023.

According to year-end campaign finance reports filed with the Federal Election Commission (FEC), the major candidates running for three highly contested seats in Congress’ upper house raised more than $105 million.

So far, the Democratic Party’s candidates are leading the overall fundraising race, but incumbents hold the cash advantage.

Arizona

In November, Sen. Kyrsten Sinema (I-Ariz.) will face challenges from both sides of the aisle. Arizona narrowly supported President Joe Biden in 2020 and elected a Democratic governor and senator in 2022. In 2016, former President Donald Trump carried the Grand Canyon State easily.

Arizona will hold its primary elections on Aug. 6.

Kyrsten Sinema

Ms. Sinema is tied to three fundraising entities: her principal campaign committee, Sinema For Arizona; a qualified leadership political action committee Getting Stuff Done PAC; and a non-qualified joint fundraising committee, Sinema Leadership Fund.

In 2023, the three funds collectively raised about $9.4 million in total receipts. They spent about $7.6 million and ended the year with about $11 million on hand.

Ms. Sinema was elected to the Senate in 2018 as a Democrat and joined the 116th Congress in 2019. She took the seat vacated by U.S. Ambassador to Turkey Jeff Flake.

In December 2022, she left the Democratic Party and registered as an independent. Ms. Sinema continues to caucus with the Democrats, who narrowly hold the majority in the 118th Congress.

Rubén Gallego

With Ms. Sinema’s departure, Mr. Gallego is expected to take up the standard for the Democratic Party in the 2024 election for her Senate seat. So far, he’s outraised Ms. Sinema.

Mr. Gallego, a former Marine who’s represented two districts in Arizona since he joined the House in 2015, is associated with four funds that raised more than $13.6 million in 2023.

Mr. Gallego is associated with four fundraising bodies: his campaign committee, Gallego For Arizona; a qualified leadership political action committee (PAC), Latino Leaders For Equality, Growth, Opportunity, Progressive Action & Change; a non-qualified joint fundraising committee, Gallego Victory Fund; and an additional fund, which he shares with Rep. Eric Swalwell (D-Calif.) Swallego Victory Fund.

The four funds, led by the about $13.2 million haul from Gallego For Arizona, raised more than $13.6 million. They spent about $8.3 million and ended the year with about $6.6 million in the bank.

Kari Lake

Former gubernatorial candidate Kari Lake is the current favorite to represent the Republican Party in the battle for the Arizona Senate seat. However, she’s raised far less than Ms. Sinema or Mr. Gallego in 2023.

Ms. Lake, a former Phoenix news anchor who narrowly lost the 2022 Arizona governor’s race to Gov. Katie Hobbs, a Democrat, is endorsed by former President Donald Trump. President Trump also boosted Ms. Lake in 2022.

Ms. Lake is affiliated with three fundraising groups: Kari Lake for Senate, her campaign committee; Keep America Red Indefinitely PAC, a nonqualified leadership PAC; and Kari Lake Victory Fund, a nonqualified joint fundraising committee.

Together, the groups raised about $2.5 million in 2023. They spent more than $1.2 million and ended the year with close to $1.2 million in cash on hand.

Other Republican Challengers

Three others will seek to represent the GOP. Pinal County, Arizona, Sheriff Mark Lamb is the leading challenger. Business consultant George Nicholson and mechanical engineer Brian Wright are also in the race.

Mr. Lamb, who’s served as the sheriff of the county southwest of Phoenix and northeast of Tucson, Arizona, since 2017, has raised more than $1.3 million through his campaign committee Mark Lamb For Senate in 2023.

Mr. Lamb’s committee spent about $1.1 million and ended 2023 with about $256,000 in the bank.

According to federal records, Mr. Nicholson is not registered with the FEC. Mr. Wright does have a committee registered, Friends of Brian Wright, but has not yet filed any fundraising documents.

Ohio

Sen. Sherrod Brown holds a considerable advantage over his Republican challengers in the fundraising race ahead of his fourth campaign for one of Ohio’s Senate seats.

In 2022, Sen. J.D. Vance (R-Ohio) and Gov. Mike DeWine, a Republican, defeated their Democratic Party challengers handily. In 2020, President Trump won the state easily.

The state will hold its primary election on March 19.

Sherrod Brown

Sen. Sherrod Brown (D-Ohio) entered 2024 with more than $15.6 million on hand and plenty of allied fundraising bodies.

Mr. Brown, who represented Ohio in the House from 1993 to 2007 and then was elected to the Senate in 2007, is accounting for support from at least 11 joint fundraising committees along with his campaign committee, Friends of Sherrod Brown, and qualified leadership PAC America Works Federal PAC.

The campaign committee, leadership committee, and the richest of the phalanx of joint fundraising committees, Ohio Grassroots Victory Fund, raised about $26.4 million in 2023. The pair spent $14.3 million during the same period.

Along with those committees, Mr. Brown’s reelection campaign will be getting monetary support from joint fundraising committees: Wyden Fund for a Senate Majority, Ohio Pennsylvania Victory 2024, Ohio Senate Victory 2024, Liftoff Fund, Senate Impact 2024, Senate OH & MT, Justice 2024, Victory Now For Sherrod Brown, and Blue Senate Candidate Fund.

Matt Dolan

Out of the Republican Party primary field, Matt Dolan, a member of the Ohio General Assembly, raised the most money in 2023.

Mr. Dolan is a member of the wealthy Dolan family (owners of Madison Square Garden, among other entities). According to Forbes, the Dolan family, led by media mogul Charles Dolan, is worth an estimated $4.9 billion. Matt Dolan’s father, Larry Dolan, is the principal owner of Major League Baseball’s Cleveland Guardians.

In 2022, Mr. Dolan ran for the Senate seat currently occupied by Sen. J.D. Vance (R-Ohio), but lost in the primary.

Mr. Dolan’s two fundraising bodies—principal campaign committee Dolan for Ohio and super PAC Buckeye Leadership Fund Inc.—raised about $11.3 million in 2023. The two bodies spent about $4.4 million and ended the year with $6.9 million on hand.

Bernie Moreno

Following Mr. Dolan, Bernie Moreno raised the second-most money in 2023.

Mr. Moreno, who also ran in the 2022 Ohio Senate race before withdrawing and endorsing Mr. Vance, is supported by President Trump. According to his campaign website, Mr. Moreno was born in Colombia and founded a car dealership group in 2005. He also started and sold a car title processing technology company, ChampTitles.

Mr. Moreno’s single, active fundraising entity—principal campaign committee Bernie Moreno for Senate—raised about $7.3 million in 2023. It spent about $5.2 million and ended the year with about $2 million on hand.

Frank LaRose

The final challenger, Ohio Secretary of State Frank LaRose, raised the least among the GOP field in 2023.

Mr. LaRose, an Army veteran and Bronze Star winner who’s served as Ohio’s secretary of state since 2019, is making his first run for national office in 2024.

The single, active FEC-regulated fund supporting Mr. LaRose, principal campaign committee LaRose for Senate, brought in about $1.8 million in 2023. The committee spent about $1.1 million and ended the year with about $770,000 in cash.

Montana

Like Mr. Brown, Sen. Jon Tester is far ahead of his GOP challengers in fundraising.

In 2020, President Trump won Montana by a wide margin. In the same year, Republican Gov. Greg Gianforte and Sen. Steve Daines (R-Mont.) prevailed easily as well.

The state will hold its primary election on June 4.

Jon Tester

Sen. Jon Tester (D-Mont.) entered 2024 with more than $11.4 million on hand.

Mr. Tester, who’s represented the Treasure State in the upper house since 2007, will likely receive financial help from four funds in the 2024 race.

Collectively, his principal campaign committee, Montanans for Tester; his qualified leadership PAC, Treasure State PAC; and two joint fundraising committees, Tester Victory Fund and Cantwell Tester Victory Fund, raised about $22.5 million in 2023. Those groups spent about $14.2 million.

The Cantwell Tester Victory Fund will also support Sen. Maria Cantwell (D-Wash.).

Tim Sheehy

The Republican field will feature three major primary challengers. Tim Sheehy, a former Navy SEAL, is currently leading the money race. Mr. Sheehy, the founder of Bridger Aerospace Group Holdings Inc., is endorsed by President Trump.

In 2023, Mr. Sheehy raised a cumulative $7.9 million. His groups spent about $6.2 million. The funds ended the year with about $1.6 million in cash.

Six funds boost Mr. Sheehy. Led by his principal campaign committee, Tim Sheehy for Montana, and leadership PAC Send in the SEAL PAC, the Republican candidate is also receiving transfers from joint fundraising committees Sheehy Victory Committee, Rickets Sheehy Victory Committee, Battlefield Fund 2023, and Majority Makers Fund.

The Rickets Sheehy Victory Committee is also backing Sen. Pete Ricketts (R-Neb.)

Other Republican Challengers

In the Republican primary, Mr. Sheehy will face off against Rep. Matt Rosendale (R-Mont.) and Brad Johnson. Mr. Tester defeated Mr. Rosendale in the 2018 version of the contest.

Mr. Rosendale, who’s served in the House since 2011, was formerly the Auditor of Montana and a member of both houses of the Montana Legislature, raised about $1.5 million in 2023.

A principal campaign committee finances Mr. Rosendale, Matt Rosendale for Montana, and a joint fundraising committee, Rosendale Victory Fund. The groups spent about $1.1 million and ended the year with about $1.7 million.

Mr. Johnson was a former member of the Montana Public Service Commission and the Montana Secretary of State from 2005 to 2009, according to the FEC. He raised about $22,000, spent about $20,000, and ended the year with about $1,300 on hand.

Mr. Johnson is supported by a principal campaign committee, Brad for Montana.