CHARLOTTE, N.C. — When Bobby Labonte needed a fresh start, he curiously chose Petty Enterprises, though the storied organization had fallen far beyond NASCAR’s elite teams.
The former NASCAR champion never wavered in his commitment to help bring the famed No. 43 back to Victory Lane despite obvious on-track struggles. After Boston Ventures took over controlling interest in June, Labonte agreed to a four-year contract extension, believing the private equity firm had the financial resources to push Petty back to the top.
Then the economic crisis hit, crippling NASCAR’s smaller teams.
With no sponsorship in sight for 2009, and ongoing negotiations to merge Petty with Gillett Evernham Motorsports, Labonte made the difficult decision to leave the team and look for another ride.
“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, the 2000 Cup champion, said Thursday. “I am, and will always be, very appreciative of what Richard Petty and the Petty family, every employee of Petty Enterprises and members of Boston Ventures did to invest in bettering my career the past three seasons.”
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.
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.