Buehlertal, Germany (My Sportsbook) - England captain David Beckham announced on Sunday he is stepping down as England's captain following the team's loss to Portugal in the quarterfinals on Saturday.

"On 15 November 2000, Peter Taylor gave me the greatest honor of my career in making me captain of England and fulfilling my childhood dream," Beckham said at a press conference on Sunday.

The Real Madrid midfielder has led the England squad for 58 of his 94 caps as team captain. Though he is stepping down as captain, Beckham said he still wants to play.

"It has been an honor and a privilege to captain our country and I want to stress that I wish to continue to play for England and look forward to helping both the new captain and Steve McClaren in any way I can," Beckham said.

Drawn into Group B, England finished the group stages with wins over Paraguay and Trinidad & Tobago before finishing the group schedule with a 2-2 draw to Sweden. The unbeaten record was enough to earn the group's first place spot and a meeting with Ecuador in the Round of 16.

England found life in the quarterfinals courtesy of a 1-0 victory over Ecuador, before being eliminated by Portugal in a penalty kick shootout after extra time on Saturday. In the match, Beckham was substituted in the 52nd minute for a leg injury. The team also played with 10 players after Wayne Rooney was issued a red card in the 62nd minute.

Portugal won the penalty shootout, 3-1.

"Finally, I have lived the dream. I am extremely proud to have worn the armband and been captain of England and for that I will always be grateful," Beckham said.