concede

/kən'si:d/
Verb
  1. acknowledge defeat
    • The candidate conceded after enough votes had come in to show that he would lose
  2. give over; surrender or relinquish to the physical control of another
  3. be willing to concede
    • I grant you this much
  4. admit (to a wrongdoing)
    • She confessed that she had taken the money

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concede
The candidate conceded the election with a gracious speech.