Petty Enterprises, Labonte parting ways

Petty Enterprises, Labonte parting ways
FOXSports.com.

The Petty Enterprises/Bobby Labonte era is over.

Petty Enterprises announced on Thursday that Labonte, the 2000 Cup champion who has 21 victories in his 17-year career, is free to pursue other options effective immediately.

"In over 15 years of racing in the Sprint Cup Series, I can't remember a time when the sport's landscape looks as it does today," Labonte said. "Petty Enterprises and I had serious and very sincere discussions about what was best for myself and everyone involved at Petty Enterprises moving forward. These discussions culminated with us agreeing that moving in a separate direction will be the greatest way to reach our end goals. It was by no means an easy decision."

"Bobby is a true champion who never failed to give everything he had when he was behind the wheel of one of our race cars," Richard Petty said.

Labonte re-upped with Petty Enterprises in June after Boston Ventures purchased majority ownership in the race teams. But given the downturn in the economy, the private equity firm's investment has not panned out.

"I am, and will always be, very appreciative of what Richard Petty and the Petty family, every employee of Petty Enterprises and members of Boston Ventures did to invest in bettering my career the past three seasons," Labonte said. "Moving forward, I'm very anxious to prepare for the 2009 season. I do not currently have a contract with any other team for 2009, but I am ready to explore all opportunities and form the next partnership in my career.

"I'll continue to keep these matters private and will make the appropriate announcement and comments when my future plans are confirmed. I appreciate everyone's continued support."

Labonte appears to be the top candidate for the Earnhardt Ganassi Racing No. 41 ride although he was not legally able to pursue other options until he was released from his contract.

Talks are ongoing between Petty Enterprises and Gillett Evernham Motorsports. According to sources, a three-car operation is in the works that could rebrand GEM under the Richard Petty Racing banner. Boston Ventures reportedly paid $35 million for the intellectual rights to the Petty name and is currently looking for a buyer to assume the current losses. The No. 10 would become the No. 43 with Reed Sorenson behind the wheel. GEM signed Sorenson in August. If a sponsor can be found for a fourth car, it's likely AJ Allmendinger, who had a solid run for Gillett for the final five races of this season, would pilot that car.

David Zucker, who took over as CEO of Petty Enterprises when Boston Ventures purchased their majority interest, said Petty would run the No. 43 as a single-car team in 2009 if a merger with GEM is not completed.

"Gillett Evernham Motorsports is a first class team with great drivers, sponsors and management," Zucker said in a statement Thursday. "We look forward to improved performance and maintaining the Richard Petty legacy, with the King front and center."

If terms between the Pettys and Gillett cannot be agreed upon, Petty Enterprises could return to the home base in Level Cross, N.C. and continue fielding cars.