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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 1
"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."
Meanwhile, Petty Enterprises said it is in "exclusive" negotiations with GEM, which fields three Sprint Cup entries, about a transaction that would essentially involve the Gillett organization absorbing Petty's No. 43 car, which has been without primary sponsorship since General Mills announced last year its intentions to move to Richard Childress Racing for 2009. A deal with GEM would theoretically secure a place in the sport's future for the No. 43 car and owner Richard Petty, who drove it to seven championships.
If GEM and Petty merge, the No. 43 would become the fourth car with the No. 9 (Kasey Kahne), No. 10 (Reed Sorenson) and No. 19 (Elliott Sadler).
However, if those negotiations fall through, Petty Enterprises' plan is to field the No. 43 as a single-car entity for 2009.
"We expect these discussions and decisions to take several weeks and will have further comment at the appropriate time", said David Zucker, Petty's chief executive officer, said in a statement. "Gillett-Evernham Motorsports is a first-class team with great drivers, sponsors and management. We look forward to improved performance and maintaining the Richard Petty legacy, with the King front and center."
GEM CEO Tom Reddin confirmed the discussions with Petty. "We can confirm Gillett Evernham Motorsports is in exclusive negotiations with Petty Holdings," he said. "GEM has a very solid foundation and this is an exciting opportunity to build on that foundation with one of the greatest names in the history of motorsports. We will work diligently over the next several weeks and make further comment at the appropriate time."
Labonte, the 2000 series champion, had driven for Petty since 2006 and was the cornerstone of a hoped-for turnaround. In 2007 he gave Petty its first top-20 driver finish since 1999, but in the end, the team's instability led to his departure. Indications are that Labonte, 44, has no plans to retire, and wants to put himself in a position where he can challenge for race wins in 2009. He had no further comment Thursday beyond his statement.
"Moving forward, I'm very anxious to prepare for the 2009 season," said Labonte, who last won in 2003. "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."
It has been reported that Labonte, who has 21 Cup Series wins, 113 top-five finishes and 197 top-10s, is a candidate to drive for the newly formed Earnhardt Ganassi Racing team.
The terms of Labonte's departure from Petty were mutually agreed upon by both parties. All indications are that the split was amicable, and that there are no hard feelings on either side. Of course, that didn't make a difficult day any easier.
"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," Richard Petty said. "We wish him nothing but the very best in his future endeavors."
Betsy
