New York City Mayor Eric Adams announced Sunday that he will abandon his reelection bid just five weeks before the election. His name will remain on the ballot.

Sept. 28 (UPI) -- New York City Mayor Eric Adams announced Sunday that he will abandon his reelection bid just five weeks before the election after a federal bribery indictment and the Campaign Finance Board's decision to withhold millions in public matching funds.

Adams made the announcement with a nearly nine-minute video posted to social media that began with Frank Sinatra's "My Way." He did not make any endorsements in the video.

His name will remain on the ballot in November, but his departure leaves the election to three main challengers, Democratic Socialist Zohran Mamdani, perennial Republican candidate Curtis Sliwa and Andrew Cuomo, a Democrat running independently after allegations of sexual misconduct led to his 2021 resignation as governor.

"Despite all we've achieved, I cannot continue my re-election campaign," Adams said. "The constant media speculation about my future and the campaign finance board's decision to withhold millions of dollars have undermined my ability to raise the funds needed for a serious campaign."

The announcement caps a dramatic fall for Adams, a former NYPD captain and Brooklyn borough president who won City Hall in 2021, promising to restore order after the pandemic. His tenure was quickly overshadowed by controversies over homelessness, migrant housing and public safety, and he never recovered politically after federal prosecutors began probing his fundraising.

The indictment, unsealed earlier this year, accused Adams and aides of soliciting and accepting illegal foreign donations during his 2021 campaign, including money allegedly funneled from Turkish interests. Adams, who was indicted and pleaded not guilty, saw the case later dropped.

The video largely followed prepared remarks that were shared with The New York Times ahead of its release. That draft included criticism of Cuomo, calling him power-hungry and untrustworthy, which did not appear in the final version -- fueling speculation Adams may ultimately endorse the former governor, who is viewed as Mamdani's strongest challenger.

Mamdani, an Astoria assemblyman, has surged in polls with support from younger voters and progressive activists, reflecting a broader leftward shift in city politics.

"The choice Eric Adams made today was not an easy one, but I believe he is sincere in putting the well-being of New York City ahead of personal ambition," Cuomo said in a statement. "We face destructive extremist forces that would devastate our city through incompetence or ignorance, but it is not too late to stop them."

Cuomo's statement reads similarly to comments by Adams in his video, who appeared to warn voters against choosing Mamdani. Without naming Mamdani, Adams criticized "insidious forces" for pushing "divisive agendas" that seek to "destroy the very system we built together over generations."