(CNN) -- Boxing superstar Oscar de La Hoya has quit the ring after a glittering career which brought him 10 world titles in six different weight divisions.
De La Hoya (left) was stopped in the eighth round by Manny Pacquiao in Las Vegas.
The 36-year-old American waited four months since his disappointing defeat to Manny Pacquiao in Las Vegas to make his announcement.
Standing on a platform outside the Staples Center in his home city of Los Angeles, de La Hoya told fans and reporters the reason for his decision.
"Boxing is my passion, boxing is what I was born to do and when I can't do it anymore, when I can't compete at the highest level, it's not fair.
"It's not fair to me, it's not fair to the fans, it's not fair to nobody. I've come to the conclusion that it's over. It's over inside the ring for me."
De La Hoya turned professional after winning Olympic gold in Barcelona in 1992 and compiled a 39-6 career record, thrilling boxing fans with his flamboyant style and winning 30 fights inside the distance. But his defeat to Pacquiao convinced de la Hoya that his best days were behind him.
"This decision was based on making sure, first of all, that I do not disappoint anyone when I step inside the ring; that I do not disappoint myself and I make sure that I can watch my kids grow up; that I can make sure that I have a life where I can continue to be involved and help the sport of boxing."
De La Hoya will now now turn to boxing promotion through his Golden Boy Promotions Company and is co-promoting Ricky Hatton's light welterweight showdown with Pacquiao on May 2.
He has also promoted a mixed martial arts card and is a co-owner of the Houston Dynamo Major League Soccer club. "I promised to myself, I promised to my family and I promise to everyone that this is it. This is the end of the road for me inside the ring," he added.