“I would enjoy the challenge of a campaign and the job of serving as governor,” he said in a statement. “But for many reasons I am just not able to commit to run at this time.”

Bowman, 54, was state treasurer under Democratic Gov. James Blanchard and currently works in New York City as president and CEO of Major League Baseball Advanced Media.

Bowman owns a home in Harbor Springs and serves as president of the Michigan Education Trust, a state college tuition program. Bowman’s spokesman Robert Kolt said he is likely to consider candidacy at another time.

“Bob would be a very attractive candidate for any elected office, which is why he received such a positive response,” he said. “The question here was: Was this the campaign at the right time?”

Bowman joins a growing list of Democratic candidates to exit the race in the past two months, including Michigan Lt. Gov. John Cherry, Detroit businesswoman Denise Ilitch and state Sen. Hansen Clark, D-Detroit.

The only Democrats officially seeking the nomination are Lansing Mayor Virg Bernero and state Rep. Alma Wheeler Smith, D-Salem Township.

Bernero and Smith could not be reached for comment Monday.

Others considering a run for the Democratic bid include House Speaker Andy Dillon, D-Redford Township, and former Genesee County Treasurer Dan Kildee.

With Bowman and Ilitch officially out of the race, Dillon and Kildee might be more inclined to jump in, said Bernie Porn, president of the Lansing-based polling group, EPIC-MRA.

“I am thinking that both Kildee and Dillon are probably more likely to get in now that the two candidates who could self-fund their campaign (have) gotten out,” he said.

Porn said movement among primary candidates likely will slow down soon. The primary election is scheduled for Aug. 3.

Republicans seeking the nomination include Attorney General Mike Cox, U.S. Rep. Pete Hoekstra, R-Holland, Oakland County Sheriff Mike Bouchard and state Sen. Tom George, R-Kalamazoo.

Michigan GOP spokeswoman Jennifer Hoff said movement among Democratic candidates isn’t a concern.

“It doesn’t matter who the Democratic candidate will be,” she said.

“All of our candidates are ready, able and capable of fixing Michigan.”