Democrat Nick Mansour leading in Arizona treasurer's race

The two business executives spent months locked in an unusually contentious race for the office, which collects taxes and manages revenue for the state.

Republicans had anxiously watched the contest heading into the Nov. 3 election, as polling suggested voters' frustration with the economy and the Trump administration were boosting the Democrats in Arizona's statewide races.

Unofficial results from the election were expected to continue throughout the evening of Nov. 3, though it could take several days or weeks to confirm a winner in close races. Arizona election results remain unofficial until local and state officials have tallied all ballots and certified the results.

During Arizona's last round of statewide elections in 2022, the Treasurer's Office was one of the few statewide posts that Republicans successfully kept under GOP control.

How Norton, Mansour campaigned

The historically low-profile race became heated heading into general election season, as both candidates funded their campaigns with large checks from their own pocketbooks and attacked each other in an onslaught of online and mailed advertisements.

Norton and Mansour clashed over their visions for the state's investments and each other's business backgrounds.

Norton, a car insurance executive endorsed by conservative advocacy group Turning Point Action, campaigned on keeping the office under GOP control. He supported a plan that would have Arizona divest from companies that have hiring diversity quotas. He also called for the formation of a Department of Government Efficiency for Arizona, mirroring President Donald Trump's effort to slash federal government spending in 2025.

Norton is a former treasurer of the Arizona Republican Party and a large donor to GOP candidates this year.

Mansour is an entrepreneur with a background in real estate investment and former chairman of the Arizona College of Nursing. He campaigned on a proposal for the state to increase its stock holdings in the state's land trust, saying it would generate billions of dollars in revenue and bring Arizona in line with other states.

During a televised debate Sept. 23, Mansour accused Norton — who said he wants the state to pull investment funds from "woke and leftist causes" and "protect Arizona's investments from racist ideology" — of wanting to politicize the state's finances.

Norton's proposal would disqualify the state from investing in big businesses, including Fortune 500 companies, "based on their human resources policies," Mansour argued during the debate.

Norton countered that his restrictions would only apply to a small fraction of companies that have certain race-based policies. He argued such policies could become a legal liability, pointing to Starbucks' recent $1 million settlement over its "DEI" hiring practices.

Norton, in turn, called Mansour's stock holdings proposal overly risky.

The candidates also emphasized controversies in each other's business backgrounds.

Mansour noted numerous lawsuits have alleged Norton's companies profited from robocalls. Norton took aim at controversies that occurred at the Arizona College of Nursing under Mansour's watch, pointing to a lawsuit filed by students.

Mansour raised and spent over $1 million in support of his campaign as of late September, records show. About $400,000 came from his own pocketbook.

Norton had raised and spent more than $4 million as of late September, records show. About 90% of the expenditures were financed with loans he wrote his own campaign.

The winner of the election will take office in January.