Pat Quinn (D) has conceded the Illinois gubernatorial race to Republican challenger Bruce Rauner.
"It's clear that we do not have enough votes to win the election, and therefore we respect the result," Quinn said during a Wednesday afternoon press conference.
It was Quinn's first public statement since insisting late Tuesday night he would not concede until 100 percent of Illinois' votes -- including absentee ballots and early voting ballots -- had been counted.
“There are a lot of votes still to be counted,” Quinn told supporters Tuesday. “I don’t believe in throwing in the towel when there are that many votes still to be counted.”
Quinn's concession comes more than half a day after The Associated Press and other outlets called the race for the Republican political newcomer Tuesday night.
With 99 percent of the precincts tallied as of Wednesday, Rauner had 51 percent of the total vote to Quinn's 46 percent, according to the Chicago Sun-Times.
Rauner didn't wait for Quinn's concession to declare victory. While addressing supporters on Tuesday, he promised to "shake up Springfield" and start a "new direction" for Illinois.
The multimillionaire businessman will be the state's first Republican governor since George Ryan's term ended in 2003.
The loss of the governor's mansion in President Barack Obama's home state is a bruising one for national Democrats: Obama, Vice President Joe Biden and first lady Michelle Obama extensively fundraised and stumped for Quinn in Illinois.