UPDATE: Gingrich to suspend campaign next week, drop out of GOP race

UPDATE: Gingrich to suspend campaign next week, drop out of GOP race

POSTED: Wednesday, April 25, 2012 - 5:30pm

UPDATED: Wednesday, April 25, 2012 - 5:34pm

NBC News has learned that Newt Gingrich will suspend his campaign next week, ending his pursuit of the presidency.

A Gingrich spokesman tells NBC News that withdrawal announcement details are being worked out.

Mitt Romney won large victories in all five primaries yesterday, including Delaware, where Gingrich had campaigned heavily and pinned his hopes for a victory.

The former House Speaker acknowledged during a campaign event this morning that Romney is “ultimately going to be the nominee", while claiming he would have been the better GOP candidate.

"I am committed to this party. I am committed to defeating Obama," Gingrich said. "We will find ways to try to be helpful. I do think it's pretty clear that Gov. Romney is ultimately going to be the nominee. And we're going to do everything we can to make sure that he is, in fact, effective. And that we as a team are effective both in winning this fall and frankly in governing." 

However, voters didn't see it that way.

Gingrich had accumulated 137 delegates so far during the campaign.

Formally "suspending" a campaign means the candidate can continue to raise money to retire debt, and maintain political flexibility.

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