Ron Paul says he is done spending money on his campaign for the Republican presidential nomination.

Paul on Monday issued a statement that insisted he would continue the fight for delegates, taking the battle to the GOP convention in Tampa. But the favorite of libertarians and tea partyers says he would no longer spend “many tens of millions of dollars we simply do not have.”

Mitt Romney is 171 delegates shy of the 1,144 needed to capture the nomination, and Paul faces an all-but-impossible task of catching him. Paul’s supporters have been causing trouble at local delegate selections but are unlikely to derail Romney’s route.

Paul, a longtime congressman, is not running for another term to represent his Texas district.

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Statement from Ron Paul:

As I reflect on our 2012 Presidential campaign, I am humbled by the supporters who have worked so hard and sacrificed so much. And I am so proud of what we have accomplished.

We will not stop until we have restored what once made America the greatest country in human history.

This campaign fought hard and won electoral success that the talking heads and pundits never thought possible. But, this campaign is also about more than just the 2012 election. It has been part of a quest I began 40 years ago and that so many have joined. It is about the campaign for Liberty, which has taken a tremendous leap forward in this election and will continue to grow stronger in the future until we finally win.

Our campaign will continue to work in the state convention process. We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future.

Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted. Doing so with any hope of success would take many tens of millions of dollars we simply do not have.

I encourage all supporters of Liberty to make sure you get to the polls and make your voices heard, particularly in the local, state, and Congressional elections, where so many defenders of Freedom are fighting and need your support.

I hope all supporters of Liberty will remain deeply involved – become delegates, win office, and take leadership positions. I will be right there with you. In the coming days, my campaign leadership will lay out to you our delegate strategy and what you can do to help, so please stay tuned.