Labonte leaves Petty Enterprises

Labonte had committed to a multi-year renewal of his deal with the team earlier this season at the same time as a new partnership between Petty and Boston Ventures had been announced.

However, the current uncertainty on the team's future and the lack of funding for his car, have forced an early split after Labonte drove the legendary No. 43 car for the past three seasons.

Petty Enterprises have been in talks with at least three other teams about a possible merger but neither DEI, nor Chip Ganassi Racing reached a deal with the oldest team in the Sprint Cup Series, both merging together later in mid-November.

For the past few weeks the team have held discussions with Gillett Evernham about a possible deal that would see them take over their No. 43 car. Their other entry, which was driven by Kyle Petty and Chad McCumbee, is not expected to race full-time if at all next season.

"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," said Richard Petty. "We wish him nothing but the very best in his future endeavours."

The 2000 Sprint Cup Series champion has been recently linked with a possible switch to the newly formed Earnhardt Ganassi Racing. The team still have to name a driver for their No. 41 car, which has sponsorship from Target.

However the 44-year-old says he still doesn't have a drive for next year.

"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. "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."

During his three years at Petty Enterprises, Labonte's best result came at Martinsville in 2006 when he finished third. This year he finished 21st in the driver standings, his best finish being a sixth place at Talladega.