Bobby Labonte leaves cash-strapped Petty Enterprises

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December 11, 2008 - 10:14 AM

The Associated Press

CHARLOTTE, N.C. - Bobby Labonte has been released from his contract with Petty Enterprises.

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.

Petty Enterprises, meanwhile, confirmed today it is negotiating with GEM. If a deal with GEM cannot be struck, Petty Enterprises said it would run its famed No. 43 team next season as a one-car operation.

Private equity firm Boston Ventures purchased controlling interest of Petty Enterprises in June, but has been unable to find the sponsorship to stabilize the 60-year company. The organization has had two rounds of layoffs, letting go at least 70 employees since last month's season finale.

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