John Tory has officially bowed out of the race to be Toronto's next mayor. He announced earlier this morning that he will instead take on the position of volunteer chair of the Toronto City Summit Alliance, which was previously held by the late David Pecaut.

Prior to his death in December, Pecaut urged Tory to take over the non-partisan organization devoted to city-building initiatives in Toronto.

The move comes as something of a surprise, as Tory was expected to join George Smitherman, Rocco Rossi and Councillor Giorgio Mammoliti as a formal candidate for mayor in the now three-day-old race.

With Joe Pantalone also expected to enter the race, will Tory's decision encourage others -- like Adam Giambrone and Shelley Carroll -- to enter?

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Here is the full text of John Tory's statement

I am announcing today that I will not be a candidate for the office of Mayor of Toronto in the 2010 municipal elections.

I am extremely gratified by the degree of support offered to me on the streets, in public opinion polls and in the committed support of a significant number of City Councillors, however I have decided that I will pursue a different course with my life and my career.

Just prior to the sad passing of David Pecaut, he wrote to me and urged me to seriously consider taking the helm of the Toronto City Summit Alliance, which he did so much to build into a huge force for city building. The Board of the TCSA has subsequently confirmed their desire to have me occupy this volunteer post and I intend to accept that appointment. It will give me a great opportunity not only to carry on the vital work of the TCSA and build on David Pecaut's considerable legacy, but also to remain a very active contributor to the city I love and call home.

I will also be continuing with other activities I am very much enjoying including the hosting of my daily talk show on Newstalk 1010, increased responsibilities with Rogers following the passing of my friend and mentor Ted Rogers, other corporate Boards and business assignments and a myriad of charitable responsibilities with organizations ranging from the United Way and St. Michael's Hospital to Unity for Autism and Easter Seals. This decision will also leave more time for family, including Barbara, our four children and two grandchildren.

I want to thank all of the people who encouraged me to contest the Mayoralty, especially those who helped me establish the foundation for a strong organization, and all of the citizens who communicated with me in person or otherwise to express their confidence in me.

I look forward to the opportunity to be a commentator and analyst in the campaign to come. That will be a new experience!

I also look forward to continuing to be an activist citizen and using my energy and experience to help build a better Toronto.

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Photo of Tory at "2009 Ontario Visionaries" event via the Ontario Chamber of Commerce on Flickr.