SAN FRANCISCO -- The San Francisco Giants and Barry Bonds are parting ways.

The home run king was told Thursday night by Giants owner Peter Magowan the team would not bring him back for 2008.

In a statement on his Web site, Bonds, 43, writes that he was disappointed by the decision, but understands that baseball is a business and respects the Giants' decision.

He went on to say he's disappointed he didn't have more time to celebrate his final season in San Francisco.

"However, I am saddened and upset that I was not given an earlier opportunity to properly say goodbye to you, my fans, and celebrate with the city throughout the season as I truly believe this was not a last minute decision by the Giants, but one that was made some time ago," he wrote. "I don't have nor do I want any ill feelings towards the organization, I just wish I had known sooner so we had more time to say our goodbyes and celebrate the best 15 years of my life."

He also noted that just because the Giants don't plan to bring him back doesn't mean that he won't play next year.

"I would have loved nothing more than to retire as a Giant in the place where I call home and have shared so many momentous moments with all of you, but there is more baseball in me and I plan on continuing my career," he wrote. "My quest for a World Series ring continues."

Bonds' agent, Jeff Boris, said the news didn't come as that big of a surprise.

"We've heard for a long time that the Giants are an old team and want to get younger, so we're not surprised," Borris said. "Barry is their oldest player, but qualitatively, he's their best player."

"He's still planning on playing next year, irrespective of whether it's an AL or NL team," he said.

Bonds has spent the past 15 seasons with the Giants and received just under $16 million this season. On Aug. 7, he broke Hank Aaron's all-time home run record with his 756th blast.

He holds the major league record for most home runs in a season with 73. He's also a 13 time All Star and a seven-time National League MVP.

At a pre-game news conference Friday, Magowan said it's always difficult to say goodbye and there comes a time when you have to move in a different direction. Bonds did not attend the press conference.

"It's an emotional time for me," Magowan said. "We've been through a lot together these 15 years. A lot of good things have happened. Unfortunately a lot of bad things have happened. But there comes a time when you have to go in a different direction."

Bonds hasn't played since Sept. 15 because of a sprained right big toe. Shadowed by steroid speculation for the past few years, Bonds has slugged 28 homers this season, raising his career total to 762. The seven-time NL MVP is batting .279 with 66 RBIs.

Additional Resources:

• Barry Bonds' Web site
• San Francisco Giants official site