Former Virginia Gov. Terry McAuliffe announced on Wednesday he will be running for a second term as governor in 2021.

Why it matters: McAuliffe — an effective fundraiser, popular figure in Virginia politics and close ally of President-elect Biden — will immediately be the favorite to take back his old job.

The state of play: The gubernatorial primary will field a diverse set of Democratic candidates, which has prompted a number of liberal groups to oppose McAuliffe's candidacy.

• Candidates include two Black women serving in the state legislature — Delegate Jennifer Carroll Foy and Sen. Jennifer McClellan — and Lt. Gov. Justin Fairfax, who is also Black.
• Virginia law prohibits a sitting governor from running for re-election, but former governors are able to run once someone else has held the job. McAuliffe served as governor from 2014 to 2018.

Go deeper: More details on McAuliffe's planned run