Liberals set to announce Trudeau's successor as party leader on March 9

The federal Liberals will announce a new leader on March 9, the party announced late Thursday, giving potential candidates just two weeks to decide to run and potential voters less than three weeks to join the party in order to vote.

The National Board of Directors met Thursday night to decide the initial rules for the race to race to succeed Prime Minister Justin Trudeau, who announced Monday he will resign as soon as a new leader is chosen.

Contenders have until Jan. 23 to declare their candidacy and will have to pay a $350,000 entry fee to participate in the race.