Labonte, who voided his four-year contract extension last week, will explore the free-agent market instead of waiting to see if Petty can complete a merger with Gillett Evernham Motorsports. It wasn't the outcome he anticipated when Boston Ventures purchased controlling interest in the team in June.
"It sounded great, and I signed a contract for a lengthy period of time, and it was going forward from there," Labonte said in a conference call. "Unfortunately, (Boston Ventures') crystal ball got kind of cloudy, too. They weren't able to do the things that they had wanted to do, and trust me, I know they feel bad about that.
"It was going to be tough for them to go on like they had planned on, and the scenarios that were set out in front of me and the contract that I had, there was a lot of implications, a lot of stuff happening that it was probably best to agree to shake hands and part ways."
Petty officials said last week they will field the famed No. 43 as a one-car team next season if the GEM merger doesn't happen.
Labonte said he's had some discussions about the No. 41 at newly formed Earnhardt Ganassi Racing -- the only available seat with full sponsorship.
"It's like Daytona can't come soon enough this winter, where sometimes you wish the offseason would last longer," he said. "I am working hard every day to make sure that I'm ready for February when it comes, no matter what happens."
Labonte, who won the 2000 championship with Joe Gibbs Racing, won 21 races with that team before moving to Petty Enterprises three years ago. He was winless in the No. 43, finishing 21st, 18th and 21st in the standings.
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Labonte leaves cash-strapped Petty Enterprises
