ARCHDALE — Effective immediately, Bobby Labonte has been released from all contractual obligations with Petty Enterprises. The terms were mutually agreed by both parties, according to a release this morning.

Petty Enterprises has been unable to find sponsorship for the former NASCAR champion and is in danger of closing its storied organization if it can’t work out a merger with Gillett-Evernham Motorsports.

The Associated Press reported today that Petty Enterprises has confirmed it is negotiating with GEM.

Comments from 2000 NASCAR Sprint Cup Champion Bobby Labonte:

"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. Saying that, 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.

"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.

"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 has 21 Sprint Cup wins, 197 top-10 and 113 top-five finishes in his career. He has only raced for four different team owners in his career including his family's operation.

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