Labonte leaves cash-strapped Petty Enterprises

CHARLOTTE, North Carolina -- Former NASCAR champion Bobby Labonte was released from his contract with Petty Enterprises, which was trying to secure a future by negotiating a deal with Gillett Evernham Motorsports.

Petty Enterprises had been unable to find sponsorship for Labonte, and was in danger of eventually closing its storied organization if it can't work out a merger with GEM.

David Zucker, who took over as CEO of Petty Enterprises when Boston Ventures purchased majority interest of the organization in June, said Petty would run as a single-car team in 2009 if a merger with GEM fell through.

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

The organization has been anything but for the last two decades, as the 60-year-old team fell far behind the competition. It took steps over the past few years to strengthen by signing Labonte, creating a testing team and moving its shop from its longtime home in Randelman to Mooresville to be closer to the NASCAR hub.

But sponsorship woes still hindered the team, which lost General Mills to Richard Childress Racing. Needing an infusion of cash, Richard Petty sold controlling interest to Boston Ventures in hopes the private equity firm could shore up his family business.

Labonte, also believing Boston Ventures could bring the organization back to prominence, signed a four-year contract extension to remain behind the wheel of Richard Petty's legendary No. 43 Dodge car.

Only nothing has materialized in the six months since the sale, and Petty Enterprises has had two rounds of layoffs, letting go of at least 70 employees since last month's season finale.

After "serious and sincere discussions" with Petty Enterprises, Labonte said he reached the difficult decision to leave the team.

"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," said Labonte, the 2000 Cup champion. "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 he does not have a job lined up for next season, and Chip Ganassi had the only open ride with full-time sponsorship already secured. Ganassi recently partnered with Dale Earnhardt Inc., and has taken his time filling his vacant seat.

Labonte, who has 21 Cup victories, was winless in his three years with Petty Enterprises. He had just 13 top-10 finishes and finished no higher than 18th in the final season standings. But Petty praised his work.

"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," Petty said.