This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Gov. Pat Quinn admitted defeat in the Illinois governor’s race at a news conference Wednesday.

Republican Bruce Rauner declared victory in the Illinois governor’s race Tuesday night, but Quinn had yet to concede. He said he wanted to wait until all the votes had been counted.

“It’s clear that we do not have enough votes to win the election,” Quinn said.

With 99 percent of precincts reporting Wednesday, Rauner had 51 percent of the vote, Quinn had 46 percent of the vote and Libertarian candidate Chad Grimm had 3 percent of the vote.

After Quinn’s concession speech, Rauner issued the following statement: “I thank Governor Quinn for his many years of service to Illinois and appreciate his commitment to making this a smooth transition. I look forward to getting to work to make Illinois the most compassionate and competitive state in the nation.”