Facing a $1M campaign debt, Peter MacKay considers running for Parliament again

Still recovering from the blow of losing the Conservative leadership race, Peter MacKay has quite a to-do list ahead of him: figure out why he lost,retire roughly $1 million in campaign debt andfind a new job or try to get his old one back.

In an email to CBC News, MacKay said that since moving back to Nova Scotia last week, he has been focused moreon his wife and three children than on his next career moves.

CBC News has learned that MacKay phoned in to a board meeting for the Conservativeassociation in his long-time riding of Central Novaon Saturday. The riding association is calling on him to run again.

"When asked if he would run in the next election, [MacKay] said that all cards are on the table but itwould ultimately be a decision he would make with his family," said a release from the association.

The riding association said thatif MacKaydecides he wants the Conservative nomination in Central Nova, it would open the nomination quicklyto allow MacKayto "start campaigning as our official candidate as soon as possible."

'Why close doors if you don't have to?'

MacKayclearly isleaving the door open to serving as anMP under the leadership of his former political rival, Erin O'Toole.

"I have not ruled out any future public service," he said in his email to CBC. "As I said in 2015, why close doors if you don't have to?"

MacKay cited a need to spend time with his young family when he announced in the spring of 2015 that he would not run for re-election in Central Nova.

A renewed public profile could help him raisedonations to pay down acampaign debt of roughly$1 million.

"Yes, it is a big number and will require work to retire it," MacKay wrote.

The amount owing is surprising, given that MacKay's campaignraised more money than those of the other leadership contenders: $3.1 million as of the last available figures from early August.

His debt is roughly double what celebrity businessman Kevin O'Leary racked up during his failed run at the Conservative leadership in 2017.

His campaignalso seemed to end the leadership race muchdeeper in debt thanat least two of hisrivals. O'Toole's campaign described the amount it owes as "negligible," saying any outstanding invoices would be repaid within weeks. Leslyn Lewis's campaign saysshe has no outstandingdebt. Derek Sloan's campaign did not respond to a request for comment.

Fundraising roadblocks

Federal elections lawgives partyleadership candidates three years to raise enough donations to pay off their campaign debts. Failure to do so can result in consequences, including fines and even jail time.

While he acknowledgedthe campaign needs to retire "close to" $1 million in debt, MacKay said he hopes to cut down the total throughnegotiations with vendors. He said he believes the total will be well below $1 million when all the calculations arecomplete.

MacKay insisted he will be well-positioned to pay off his debts in the new year. He said he's been in contact with his fundraising team across the country.

He faces a multitude of challenges, however. Fundraising is always harder for losing candidates. It's even harder in the middle of a pandemic, withthe prospect of a federalelection call on the horizon.

While he saidthose circumstances will make his task "even more challenging,"MacKayaddedhe believes that virtual fundraisers and thein-person events he hopes to stage once the pandemicsubsides will make up the difference.

"I have confidence in the commitments received already that we will be able to retire outstanding debt early in the new year," he said."People are maxed out under fundraising rules for this calendar year."

Last week,MacKay left Toronto and drove his family halfway across the countryto his home community ofPictou County, Nova Scotia. MacKay, his wife and theirthree children, aged 7, 4 and 2, are currently ina 14-day quarantine as part of pandemicrestrictions in the Atlantic provinces.

He's now looking for work, having parted ways with the Bay Street law firm Baker McKenzie. MacKay said heremains on good terms with the firm.

He said he's now in talkswith several law firms, businesses and organizations about future employment or board opportunities.

A 'forensic examination' of MacKay's loss

Another task left over from the leadership contest remains undone: the post-mortem. MacKay lost after having spent most of the campaignas the presumed front-runner, and with a substantial war chest backinghim.

He said he is conductinga "forensic examination" of his loss to figure out where he fell short and why the results in Quebec didn't resemblethe campaign's projections.

"I don't want in any way to distract or detract from the work of the new leader. I just want to ensure clarity on what occurred," he wrote.

In the meantime, MacKayappears to be in norush to return to the fray right away.In his email to CBC News, herepeatedly emphasized the importance of focusing on his wife and children right now, saying the campaign "took a toll on my family that became more apparent at the end."

And as hereflects on the campaign he just ran, MacKaysaid he's also enjoying the time-out.

"It felt great to be working outdoors with a shovel and rake and doing physical work where you can see immediate results," he said."Quite a contrast from months of policy discussions and hundreds of zoom calls."