Republican candidate for governor of South Dakota puts $4 million of his own money into his campaign

A new campaign finance report says a Republican candidate for governor of South Dakota, Toby Doeden, has put $4 million of his own money into his campaign.

In written statements responding to South Dakota Searchlight questions, Doeden said he is motivated by a desire to give his children and grandchildren “the opportunity to grow up and raise their families in the same South Dakota I did. One that is safe, affordable and free from big government overreach.”

“There is no amount of money I wouldn’t risk to protect the future of South Dakota,” Doeden said.

Doeden had previously reported loaning his campaign $2 million. His latest report, filed pursuant to a Monday deadline, showed another $2 million. His campaign has raised less than $120,000 from other sources. After subtracting the campaign’s spending, it has about $214,000 left on hand. 

Searchlight asked whether his campaign would raise money to repay him or whether he will forgive the loans. 

“I am not interested in taking money from donors or special interest groups,” he said. “The majority of them want some sort of favor or direct access in return for the money. I am not interested in playing those games.”

The highest showing for Doeden in any independent, publicly released polling so far has been second. He trailed the leader, U.S. Rep. Dusty Johnson, by 10 percentage points in that March survey commissioned by KELO-TV. 

The other candidates for the Republican nomination are Gov. Larry Rhoden and state House Speaker Jon Hansen. The winner needs 35% support in the June 2 primary election to advance to a Nov. 3 general election contest against presumptive Democratic nominee Dan Ahlers. If no Republican receives 35% support in the primary, the top two will advance to a runoff eight weeks later.

Doeden said he intends to come out on top.

“I am laser-focused on winning this race, getting to Pierre and making a difference for the hard-working people who have built this state, not the powerful few who are trying to control it.”

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Doeden, of Aberdeen, is a vehicle dealership owner and has said he’s been involved in multiple other businesses and rental properties. He told South Dakota Searchlight that he “worked very hard throughout my life and as a result, I have amassed a respectable nest egg.”

“As mentioned, I am willing to risk that money in an effort to save this state from becoming the next Colorado or Minnesota,” Doeden said, referring to states with Democratic governors. 

Doeden’s own candidate committee is not the only one that has been indebted to him. He formed the Dakota First Action political action committee in 2024 with himself as its chairman, but has since stepped away from management of the committee. Campaign finance reports indicate the PAC owes him more than $200,000 in loans.

Total fundraising in the Republican primary race for governor so far this election cycle is over $11 million, and total spending is about $10 million.

The new pre-primary campaign finance reports show Johnson in the best financial position. Since the beginning of the year, his campaign took in $3.7 million and spent $3.8 million, leaving a balance of $931,000.

Rhoden reported raising about $572,000 since the beginning of the year, spending $914,000, and ending with about $170,000. 

Hansen reported raising about $355,000, spending about $245,000 and ending with about $164,000.