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.

After “serious and sincere discussions” with Petty Enterprises, Labonte said he reached the difficult decision to leave the team.

“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, the 2000 Cup champion. “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.”