Updated April 4, 2024 at 3:48 PM ET

The group No Labels will not nominate a third-party presidential candidate this year.

The organization had emerged earlier this year as a potentially well-funded force in the election. However, No Labels said Thursday that finding the right candidates proved difficult.

"No Labels has always said we would only offer our ballot line to a ticket if we could identify candidates with a credible path to winning the White House," the group said in a statement. "No such candidates emerged, so the responsible course of action is for us to stand down."

It had been pursuing what they called a "unity ticket," featuring centrist candidates. No Labels repeatedly said their impetus was to give an alternative choice to voters unsatisfied with Donald Trump and Joe Biden.

As 2024 progressed, several politicians considered possible No Labels candidates made it clear that they weren't interested. West Virginia Democratic Sen. Joe Manchin announced in February that he wouldn't run for president. In March, Arizona independent Sen. Kyrsten Sinema told reporters she wouldn't run, either. Recent Republican presidential candidate and former South Carolina Gov. Nikki Haley also last month said she would not run with the group.

No Labels has gained ballot access in 21 states and had been working to gain access nationwide.

The group had raised alarms, particularly among top Democrats, who feared a No Labels candidate would draw votes away from Biden and help Trump win.

"I think that our democracy is at risk, and I think that No Labels is perilous to our democracy," former House Speaker Nancy Pelosi said late last year. "I say that without any hesitation."

Copyright 2024 NPR. To see more, visit https://www.npr.org.