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Politics

Mitt Romney Won't Run For President

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Mitt Romney, the former Massachusetts governor who owns a house in La Jolla, announced Friday he will not run for president next year.

Speculation about a Romney candidacy arose this month when he was reported to have met with supporters and spoken to the Republican National Committee at a function aboard the USS Midway Aircraft Carrier Museum.

Romney, who lost to President Barack Obama in 2012 and failed to secure the GOP nomination four years earlier, issued a statement on his intentions during a conference call.

"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.

He said he was "heartened" by the support he received, and his campaign finances would have made him competitive.

"But I do not want to make it more difficult for someone else to emerge who may have a better chance of becoming that president," Romney said. "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. But we believe it is for the best of the party and the nation."

It was reported earlier this week that his La Jolla house, which is being renovated, is being put up for sale.