This is an update to:
Clock Ticks Towards The End Of Petty Enterprises
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Six months ago, the future could not have been more promising for Petty Enterprises and Bobby Labonte. The historic race team had just agreed to a partnership with Boston Ventures, an investment firm that would provide needed capital to an organization with 268 race wins, but none since 1999. The driver had just agreed to a four-year extension, with the promise that there would be a place for him within the franchise once his days behind the wheel were done.
Yet in the ensuing months, economic reality intervened. A recession hit. Sponsorship dried up. And so began the long tumble toward Thursday, when Petty Enterprises announced that it is negotiating with Gillett-Evernham Motorsports to field its flagship No. 43 car, and Labonte announced that he had been released from all ties to the organization. It’s another step toward the end of Petty Enterprises as the sport has always known it, the team that family patriarch Lee Petty founded in 1949.
“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 in a statement. “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.”
But Labonte, who took 21 Cup victories and a title to Petty when he left Joe Gibbs Racing in 2006, never came close to duplicating his previous success. He had just 13 top-10 finishes and finished no higher than 18th in the final season standings.
But Petty, who won 200 races and a record seven Cup titles, praised Labonte’s 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.
Labonte said he does not have a job lined up for next season, and Chip Ganassi’s No. 41 is 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.
“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.”
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