By Anna Massoglia and Jimmy Cloutier for OpenSecrets.
Broadcast version by Nadia Ramlagan for Kentucky News Connection reporting for the OpenSecrets-Public News Service Collaboration

Kentucky’s 2023 gubernatorial race set a nominal state fundraising record, with candidates in the primary and general election raising more than $44.6 million, according to an OpenSecrets analysis of campaign finance reports. 

Independent political groups spent an additional $45.3 million, mostly on negative ads targeting incumbent Democratic Gov. Andy Beshear or his Republican rival, Attorney General Daniel Cameron. The latest campaign finance filings cover political spending through Oct. 23.

When adjusted for inflation, the gubernatorial race ranks among the most expensive in Kentucky history — and is the latest high-profile state election to be awash in cash. Virginia state legislative races this year also broke state fundraising records, OpenSecrets found. 

Beshear, who won reelection in the Republican-leaning state, raised more than $23.1 million — three times as much as Cameron, reports show. 

Cameron, who became Kentucky’s first major-party Black nominee for governor following an expensive primary contest, raised about $6.5 million. 

While the race tightened in the final weeks of the campaign, Beshear won a second term on Nov. 7 by a comfortable margin, defeating Cameron with 53% of the vote, according to the Kentucky Secretary of State. 

Since this will be Beshear’s second consecutive term as governor, he must wait at least one election cycle before running for governor again. Kentucky is one of 26 states that allow governors to serve an unlimited number of four-year terms.

Beshear’s top funder was the Kentucky Democratic Party. 

Both the Kentucky Democratic Party and Beshear are now under civil investigation by state campaign finance regulators for allegedly accepting political contributions over the legal limit from Randall Weddle, the mayor of London, Ky. 

In June, after reporting by the Kentucky Lantern, Beshear announced that his campaign and the Kentucky Democratic party inadvertently took $202,000 in “excess” contributions from Weddle but noted the money was refunded. A Kentucky Registry of Election Finance notice sent Monday confirms an investigation is ongoing. 

Beshear also received substantial support from labor unions, which accounted for most contributions to his campaign from political action committees. 

Like Beshear, Cameron’s biggest donors were also party committees, with the Kentucky Republican Party topping the list. 

While Beshear topped campaign fundraising, Cameron benefited from more outside group spending on independent expenditures. 

The attorney general benefitted from over $25 million in spending by outside groups while Beshear benefitted from about $20 million. The bulk of that paid for negative advertising with $19.4 million on ads attacking Cameron and $18.2 million on anti-Beshear ads.

The top two spenders were Defending Bluegrass Values and Kentucky Values — political action committees affiliated with the Democratic and Republican governors associations, respectively. 

Defending Bluegrass Values reported more than $4 million in contributions in campaign finance filings this year and made $13.7 million in ad buys supporting Beshear’s reelection campaign in the first week of September — more than every other PAC spending on the race combined, according to the Lexington Herald-Leader. It spent nearly $16.8 million in total on the election, according to the latest campaign finance reports.

Kentucky Values reported spending more than $12.4 million, mostly on independent expenditures opposing Beshear’s reelection. 

A PAC called Bluegrass Freedom Action also ranked among the top outside spenders, pouring more than $4.9 million into the primary and general elections to boost Cameron’s campaign. Most of that money traces back to The Concord Fund, a conservative “dark money” group well known for financing efforts to reshape the federal judiciary. 

As a 501(c)(4) nonprofit organization, The Concord Fund — formerly known as the Judicial Crisis Network — is not required to disclose its donors. It has steered $3.3 million to Bluegrass Freedom Action, as of Oct. 23. 

Another top spender boosting Cameron was the School Freedom Fund, an out-of-state super PAC allied with the conservative Club For Growth. The super PAC has yet to report any new donors this year, but in 2022 it was bankrolled by billionaire Jeff Yass, the founder of Susquehanna International Group, according to federal campaign finance reports. 

School Freedom Fund spent around $3 million opposing Beshear, records show. Multiple ads from the super PAC about Beshear’s decision to release some prisoners early during the COVID-19 pandemic were debunked. 

Club for Growth, a pro-free market conservative group active across the country, spent another $2.2 million boosting Cameron in the gubernatorial race.


Anna Massoglia and Jimmy Cloutier wrote this story for OpenSecrets.

Support for this reporting was provided by The Carnegie Corporation of New York.


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Good-government groups are warning of big changes to the way federal campaigns are financed, after the U.S. Supreme Court agreed to hear a case initially brought by Vice President JD Vance and Republican fundraisers.

The case would affect campaigns for the presidency, as well as the House and Senate from every state, including California.

Hilary Braseth, executive director of the nonprofit watchdog organization OpenSecrets, said right now there are limits on how political parties spend campaign cash, which is why billions in undisclosed dark money currently flows to super PACS.

"What we might end up seeing is more donors now giving large sums of money directly to the parties and being able to coordinate directly with them in spending for that candidate running for federal office," Braseth explained.

The plaintiffs argued campaign donations are legally considered free speech, so current limits on the way it can be spent are unconstitutional. Right now parties can accept millions but cannot coordinate directly with the candidates' campaigns. Critics said the current rules are supposed to limit the possibility of a quid pro quo, where donors are rewarded with official action once a candidate takes office.

Braseth stressed this case could test the country's system of accountability to preserve free and fair elections.

"The one thing that both Democrats and Republicans can agree on is that there's too much money in politics," Braseth emphasized. "It's clear that there's a growing resentment on behalf of the public, in a vast majority of folks, for the amount of money."

In the 2024 presidential election, Elon Musk spent $277 million to back President Donald Trump and was later given control of the Department of Government Efficiency.


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The U.S. Supreme Court will consider arguments about removing spending caps between national political parties and individual candidates and watchdogs are taking a close look to see what potential outcomes would mean for states such as South Dakota.

On Monday, the nation's high court said it will hear arguments this fall. The National Republican senatorial Committee wants the court to lift restrictions on how much a political party spends on someone's campaign, if they are running for federal office.

Hilary Braseth, executive director of the nonpartisan watchdog organization OpenSecrets, said it is a big difference between the outcome of the controversial Citizens United ruling from 2010 concerning political action committees.

"Nowadays in elections, we often hear about super PACS," Braseth pointed out. "These groups are able to spend unlimited amounts, in so far, they don't directly coordinate with the candidates."

If the court sides with the plaintiffs, limits on coordinated spending would be a thing of the past. Supporters said it further advances free speech but skeptics countered it would worsen the problem with wealthy donors influencing politics. For federal races, rural states such as South Dakota have leaned more on out-of-state support. Braseth noted this case could fuel more of that activity, depending on the outcome.

Braseth suggested the dynamics of the case touch on the issue of fairness in representation. Meanwhile, the plaintiffs also argued removing restrictions would address "dark money" often associated with super PACS. However, Braseth pointed out it remains to be seen, adding there needs to be a concrete way of pulling back the curtains on campaign spending.

"We have got to have transparency around where that money is coming from, in order to maintain integrity in our governing systems," Braseth contended.

Braseth added even if it seems like "political noise," the case is worth paying attention to given how most voters feel about this broader issue.

"The one thing that both Democrats and Republicans across the U.S. can agree on is that a majority of folks think there's too much money in politics," Braseth stressed.

Pew Research Center said seven in 10 U.S. adults think there should be limits on election spending.


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Gov. Greg Abbott and Lt. Gov. Dan Patrick are at odds after the governor vetoed Senate Bill 3, legislation which would have banned the sale of consumable THC in Texas.

Banning products like gummies and vapes were a top priority of Patrick during the legislative session and he told lawmakers he would call a special session if a bill was not passed. Abbott vetoed the legislation just before the deadline and Patrick said he's puzzled.

"The last time I talked to the governor, in the capital before session he said don't worry about the bill," Patrick said. "He said your bill is fine. That's what he told me in front of witnesses. In fact, he asked a couple of lawyers on my staff; he said can you give me some answers I can give because when I sign this, I need some answers to give."

In a statement, Abbott said the bill was well intended but he vetoed it because it would have been challenged in court. He urged lawmakers to regulate THC like they do alcohol. THC is the active chemical in marijuana that provides users a "high."

During the legislative session many people testified they use the products to ease chronic pain and anxiety. Patrick noted he believes Abbott wants to legalize marijuana but said as long as he's lieutenant governor he will not let it happen.

"Who are we as a state?" Patrick asked. "[Do] we think we are going to attract business here if we got a bunch of people high on marijuana, at very high levels? Is that who wants to come here and build their plant here? Open up a business, move their family here? We're not Colorado, and we're not Oregon and we're not Washington State. We're Texas."

Patrick also criticized Abbott for not making his concerns known while the legislature was in session. The bill is on the agenda for a special session starting July 21.


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