WASHINGTON (CNN) -- House Speaker Dennis Hastert, R-Ill., Wednesday announced he will not seek a leadership position in the next Democratic-controlled Congress.

"The Republican leader in the 110th Congress will have the responsibility to emphasize conservative values and reform principles," Hastert said in a written statement. "I will not seek this role, but will support our leader to the best of my ability as I return to the full-time task of representing the people of the 14th district of Illinois who have honored me 11 times with the privilege of serving them in the House of Representatives."

Hastert will lose his position as House speaker after Democrats take control of the House in January.

"As a former wrestling coach, I know what it is like when your team takes second place in the state tournament. It hurts. And so it is with politics," Hastert said.

Hastert's statement