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Mitt Romney Says He Will Not Run in 2016

Republican presidential candidate and former Massachusetts Governor Mitt Romney speaks at a Republican Caucus in Sanford, Maine February 11, 2012. | (Photo: Reuters/Brian Snyder)

Former Massachusetts Governor Mitt Romney has announced that he will not be running in the 2016 presidential election amid much hype and speculation.

Romney, who has run for president twice before, spurred speculation of a potential run during a GOP donors meeting in New York City in early January, in which he told those in attendance: "Everybody in here can go tell your friends that I'm considering a run."

The former Governor of Massachusetts told reporters Friday that although he does believe he would have won the nomination his third try around, he has decided to step aside to give other GOP hopefuls a chance at the presidency.

"After putting considerable thought into making another run for president, I've decided it is best to give other leaders in the party the opportunity to become our next nominee," Romney said during a press conference with reporters on Friday.

"I am convinced that we could win the nomination, but fully realize it would have been difficult test and a hard fight," Romney continued.

"You can't imagine how hard it is for Ann and me to step aside, especially knowing of your support and the support of so many people across the country," he added. "But we believe it is for the best of the party and the nation."

The initial rumor that Romney may run for president created a rift in the Republican party, with donors and voters feeling torn between supporting Romney and supporting the new candidates likely to run, including New Jersey Governor Chris Christie and Kentucky Senator Rand Paul.