John Tory has issued a statement announcing that he will not run for office in Toronto's mayoral race.

Tory says he is standing by his original decision in January not to seek election, and believes he can continue to make contributions to the city through projects that he has become involved in outside of public life.

There's been much speculation in recent weeks that Tory would enter the campaign. He says a significant number of people urged him to reconsider his earlier decision not to run.