Minor opposition People's Party chairman Ahn Cheol-soo has apologized to his supporters for withdrawing his presidential bid before Election Day.

In a handwritten letter posted on social media on Friday, Ahn said he is aware that he let down many people. He extended sincere apologies to everyone who supported and loved him and hoped he would finish the race.

However, he continued, he wanted to prevent a failed transfer of power in the election.

The former doctor and software mogul said he entered politics to change the world and support the socially disadvantaged, but remained anguished by the fact that people's suffering has not diminished. He said that is why he decided to merge his candidacy with the main opposition.

Ahn said not completing the race does not mean he is giving up his political path and promised to continue on the road to building a better Korea together with his supporters.

The statement comes after strong criticism by his base for his decision to withdraw and support People Power Party's Yoon Suk Yeol.