Petty Enterprises announed Thursday that the team has released driver Bobby Labonte. After signing a four year extension in May of this year, Petty Enterprises is discussing a merger with Gillett Evernham Racing and will not take Labonte with them.

"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," said Labonte in a statement. "Petty Enterprises and I had serious and very sincere discussions about what was best for myself and everyone involved. It was by no means an easy decision.

"I am, and will always be, very appreciative of what Richard Petty and every employee of Petty Enterprises did to invest in bettering my career the past three seasons."

In the two years that he has been with the organization Labonte has only been able to collect three top-5 and 11 top-10 finishes, less than stellar statistics compared to the seven championships that Richard Petty amassed in the No. 43.

Despite the low finishes, Labonte is grateful that he had the chance to be affiliated with one of the most well known teams in the sport

The 2000 Cup Series champion will now look ahead to try and find a ride before the 2009 season begins.

"Moving forward, I'm very anxious to prepare for the 2009 season," Labonte said. "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."

As for the merger, chief executive officer David Zucker stated that the collaboration between the two teams may last for several more weeks before a decision will be reached.

"We expect these discussions and decisions to take several weeks and will have further comment at the appropriate time", noted Zucker. "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."