Earnhardt Jr. confirms DEI exit

The 32-year-old made the announcement at the base of JR Motorsports, the team he owns and that runs in the Busch Series.

"After a year of intense negotiations we have decide it is time for me to move on," said Earnhardt. "It is time for me to compete on a consistent basis now."

Earnhardt has won 17 Nextel Cup races with DEI, including the Daytona 500, although a championship trophy has eluded him so far in his career.

He confirmed that he does not have a deal in place for 2008 yet, but he is also keen to make sure that the team he is leaving behind can continue to compete at the top level.

"As far as a team is concerned, we will make that decision at a later date," he added. "It depends on what team wants me.

"It is important for me that DEI remain successful and to keep my father's legacy alive. It has been a privilege for me to drive for DEI and will continue to be through the rest of this year."

Earnhardt had made it clear earlier this year that he wanted majority ownership of DEI, but he revealed that it had been too difficult to work out a deal.

"I will say we weren't really close in getting what both sides wanted," he added. "I'm going to miss a lot of the great relationships and the individuals that work there."