Chicago Cubs co-owner and GOP mega-donor Todd Ricketts will withdraw his name from consideration as President TrumpDonald TrumpGOP grapples with chaotic Senate primary in Pennsylvania Trump social media startup receives commitment of billion from unidentified 'diverse group' of investors Iran thinks it has the upper hand in Vienna — here's why it doesn't MORE’s deputy Commerce secretary, the White House said Wednesday.
Ricketts will submit his formal withdrawal next week when Congress returns from its Easter recess, according to a White House official who declined to comment further.
Ricketts reportedly struggled to unwind his complex financial holdings in a way that could meet federal ethics rules.
He filed a required federal disclosure statement with the Senate Commerce Committee, but the panel would not set a hearing to consider his nomination until he received clearance from the Office of Government Ethics (OGE).
Ricketts was willing to divest his vast portfolio of personal holdings but that arrangement seemingly did not satisfy the OGE, according to The Chicago Sun-Times, which first reported the news.
"I am deeply honored that President Trump nominated me to serve as deputy secretary of commerce," Ricketts said in a statement to Bloomberg News. "I offer my continued support for President Trump and his administration, and the important work they are doing to promote economic opportunity."
Ricketts expressed hope "there are other opportunities to contribute to his administration in the future."
Trump nominated Ricketts in November, even though he was late to back Trump in the 2016 Republican presidential primary.
Ricketts first supported Wisconsin Gov. Scott Walker, though other members of his family ultimately coalesced around Trump after he became the GOP’s presidential nominee.
Ricketts serves on the Cubs board along with his three siblings. He has other financial interests, including his spot on the board of TD Ameritrade and his biking store in the Chicago suburbs.
Trump praised Ricketts as “an immensely successful businessman with unparalleled knowledge of the finance industry” when announcing his nomination.
“As Deputy Commerce Secretary he will help us cut waste and streamline government so that it works for the people of America,” he said at the time.
“The incredible job he and the Ricketts family did in the purchase and turnaround of the Chicago Cubs – one perfect step after another, leading to the  World Championship, is what I want representing our people.”
Ricketts is the third Trump nominee to withdraw from consideration, joining former Army Secretary nominee Vincent Viola and former Labor Secretary nominee Andy Puzder.
- Updated at 3:32 p.m.