Senator Dan Wolf, a democratic candidate for Governor in 2014, has suspended his campaign and announced plans to resign from his legislative seat if a previous ruling regarding his stake in Cape Air is not reversed.

Wolf, who was re-elected to a second term as state senator last November, owns a 23 percent stake in Cape Air, which leases space at Boston’s Logan Airport. Wolf’s financial involvement with the Barnstable based airline, which he founded in 1989, was the focus of the Ethics Commission over the summer.

The Ethics Commission found that Cape Air’s contracts allowing the airline to fly in and out of Logan created a conflict of interest.

On August 2, Wolf was informed that the ethical conflict could only be resolved if he forfeited his stake in Cape Air or moved the airline out of Logan. Wolf’s other option was to resign from office and cancel his bid for governor.

This morning, the AP reported that Wolf has chosen to suspend his campaign and plans to resign from his senate seat unless the Ethics Commission reverses the conflict of interest ruling.

Wolf’s recent decision contradicts previous statements, in which he planned to continue his bid for governor.

“I look forward to maintaining my ambitious campaign schedule and having an open, transparent conversation with the voters about this and every issue, continuing a dialog that already is garnering grassroots support across the state,” Wolf said at a press conference in early August.

Today, Wolf changed his stance.

“Until this matter is resolved, I am suspending my efforts to become the next Governor of Massachusetts, believing that unless this ruling is changed I cannot conduct a campaign for real economic and social justice.”

Wolf also called into question the basis of the Ethic Commission’s ruling, stating that the commission new of his involvement in 2010 and that he was advised informally that his stake in Cape Air created no conflict.

The Ethics Commission denied Wolf’s assertion earlier this month.