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In a stunning development, a key leading hopefuls in the Irish presidential election has quit the contest, dramatically altering the election dynamics.

Sudden Exit Shakes Up Political Contest

The party's Jim Gavin stepped down on Sunday night following reports about an financial obligation to a previous occupant, transforming the contest into an volatile two-horse race between a moderate right ex-minister and an non-aligned left-leaning parliamentarian.

Gavin, 54, a newcomer to politics who entered the race after careers in athletics, flying and armed forces, stepped aside after it emerged he had not repaid a overpaid rent of over three thousand euros when he was a landlord about a decade and a half ago, during a period of financial difficulty.

"It was my fault that was inconsistent with my character and the standards I set myself. I am now taking steps to address the matter," he stated. "After careful consideration, concerning the influence of the continuing election battle on the welfare of my family and friends.

"Weighing all these factors, I've chosen to exit from the campaign for president with immediate effect and rejoin my loved ones."

Race Narrowed to Two Main Contenders

The most dramatic event in a presidential campaign in modern times reduced the field to Heather Humphreys, a ex-minister who is campaigning for the governing moderate right Fine Gael party, and another candidate, an vocal pro-Palestinian voice who is endorsed by Sinn Féin and left-leaning minor parties.

Problem for Leader

This departure also caused a problem for the taoiseach and Fianna Fáil leader, the party chief, who had risked his standing by choosing an unproven contender over the doubts of associates in the party.

He commented Gavin did not want to "cause dispute" to the presidency and was correct to step down. "Jim has accepted that he was at fault in relation to an situation that has arisen in recent days."

Election Challenges

Despite a reputation for competence and success in business and sport – under his leadership the capital's GAA team to multiple successive wins – his political bid struggled through blunders that put him at a disadvantage in an opinion poll even prior to the financial revelation.

Fianna Fáil figures who had objected to picking the candidate said the situation was a "significant mistake" that would have "repercussions" – a thinly veiled warning to the leader.

Election Rules

His name may still appear for selection in the vote scheduled for October 24, which will finish the long service of Michael D Higgins, but people must choose between a binary choice between a traditional center candidate and an non-aligned left-leaning candidate. Opinion research conducted ahead of his departure gave Connolly a third of the vote and Humphreys 23%, with Gavin on 15%.

According to voting regulations, people pick candidates in order of preference. If no candidate exceeds half the votes initially, the candidate with the least initial choices is eliminated and their ballots are redistributed to the following option.

Potential Vote Transfers

It was expected that should Gavin be removed, most of his votes would transfer to Humphreys, and vice versa, enhancing the possibility that a mainstream contender would secure the presidency for the governing partnership.

Presidential Duties

The role of president is a largely symbolic post but Higgins and his predecessors made it a stage for international matters.

Final Contenders

Connolly, 68, from Galway, would add a firm left-leaning stance to that heritage. Connolly has attacked free-market policies and said the group represents "an integral component" of the Palestinian people. She has accused the alliance of warmongering and compared Germany's increased defence spending to the 1930s, when Adolf Hitler rearmed the country.

The 62-year-old Humphreys, has faced scrutiny over her time in office in cabinets that oversaw a accommodation problem. A Presbyterian from the border county of Monaghan, she has also been criticised over her inability to speak Irish but stated her religious background could assist in gaining unionist community in a combined country.