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A shoulder injury has forced the 30-year-old to abandon any hopes of competing at the 2016 Rio Olympics.
“I don’t want to be the old man who can’t do things – to push out something that may not be realistic any more,” Thorpe told The Sunday Telegraph.
“Although I am going to continue swimming, realistically I don’t think I will be able to get back to a position where I am at the top of the sport.”