Breaking News: Bobby Labonte and Petty Enterpises Cut Ties

NASCAR.com is reporting that Bobby Labonte driver of the #43 and Petty Enterprises have in the best interest of the company and Labonte's future have part ways.

Sources are stating that Petty Enterprises are in talks with Gillette Everham Motorsports which would allow them to field Petty's storied #43 in 2009.

"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."

It was only a few months back that Labonte and P.E. had agreed on a contract exstention that would have guaranteed Labonte not only a ride for the foreseeable future but also ownership  after his racing days were done.

This move marks the begining of the end for one of NASCAR most successful organizations. This news comes on the heels of more layoffs at P.E. and confirmation that Richard Petty's son Kyle is no longer a driver within the organization. His future plans are unknown.

As for Labonte there are no plans for retirement as there was talks of him being the lead candiate to drive for  Earnhardt-Ganassi Racing in 2009.

"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."

Stay tuned to Bleacher Report for any updates.

Qoutes courtesy of