Eric Adams was denied millions of dollars in public funds for his re-election bid because of his historic indictment – a massive blow to the embattled mayor’s campaign against a line-up of hungry challengers.

New York City Campaign Finance Board members ruled Monday that Hizzoner’s 2025 mayoral campaign would not be eligible, at least temporarily, for more than $4 million in public matching funds.

The rare decision by the non-partisan, five-member board to deny funds to a sitting mayor running for reelection prompted an equally rare explanation from Chair Frederick Schaffer, who said it had to do with the federal and city probes into Adams’ campaign fundraising.

“The board does not usually make a public explanation of its payment decisions, however, because the circumstances are unusual in the public interest rate, we have determined that it is appropriate to be transparent with the public,” Schaffer said.

“The board has determined that there is reason to believe the Adams campaign has engaged in conduct detrimental to the matching funds program in violation of law, including the Campaign Finance Act and board rules.”

The 57-page federal indictment against Adams in the Southern District of New York accuses his 2021 mayoral campaign of defrauding taxpayers as he raked in $10 million in public funds through the city’s generous matching program.

The fund-matching provides candidates $8 for each buck donated by New Yorkers up to the first $250 pocketed.

Adams’ campaign allegedly sought illegal contributions from so-called “straw donors” – people who receive funds from another person or entity to contribute to a political candidate, either to skirt donation limits or conceal who’s actually funding an office seeker, according to the indictment.

The CFB has since flagged funds received this past year, between July and October, as questionable — with a third possibly being invalid as donations to the mayor’s war chest have been under increased scrutiny, according to the news outlet The City.

The board also noted several irregularities in Adams’ first mayoral campaign that it could use to reject matching funds this time around.

The ruling doesn’t spell imminent doom for Adams’ campaign, as he can appeal the decision and still has more than $3 million on hand after his campaign’s last filing in October, records show. 

But a potential lack of city funds makes reelection a herculean task for Adams, who according to federal prosecutors allegedly texted an ally during his first mayoral run that “raising money” is key to winning a race.

“Everything else is fluff,” he texted, the indictment alleges.

Vito R. Pitta, Adams’ 2025 campaign counsel, called the board’s decision disappointing. 

He said the campaign will work with the board to address any issues so the funds can be unlocked.

“The mayor’s campaign continues to have far more resources than his opponents’, and we are very confident we will have the support we need to spend the maximum amount allowable in the upcoming primary,” he said in a statement.

Just one of Adams’ many challengers in the crowded Democratic primary was ruled eligible for matching funds: former city Comptroller Scott Stringer.

Stringer’s campaign will get more than $2 million in matching funds, based on roughly $587,000 in donations, records show.

Current city Comptroller Brad Lander, a frequent thorn in Adams’ side who’s widely considered a potential frontrunner in the mayoral primary race, failed to get matching funds because he didn’t file the proper paperwork on time.

“I should note the first payment date, and it’s not unusual for a number of candidates to be ineligible at this time,” Schaffer said. “Candidates who have been denied payment today have a right to appeal that decision.”

Adams has pleaded not guilty and his trial in Manhattan federal court is scheduled for April — giving him only a few weeks to make his pitch to voters without the cloud of corruption if he’s cleared.