UPDATE: NASCAR officially is in the hunt for a new beer sponsor, as MillerCoors will not renew Coors Light's deal as the official beer of the sanctioning body.
The sides were not able to come to an agreement to renew the deal that expires on Sunday despite last-ditch efforts by NASCAR in recent weeks to salvage some form of a pact. The sides confirmed the move Friday but declined to comment further.
Coors Light sponsored the pole award winner every week. Sister brand Miller Lite is remaining in the sport with an 11-race deal with Team Penske, meaning the company -- now owned fully by Molson Coors Brewing Co. -- is not exiting NASCAR as a whole.
It will be a challenge for NASCAR to find a large-scale beer partner to replace MillerCoors, as the marketplace has changed to focus on more micro and craft brews, while consolidation has also impacted sponsorship spending.
--- Sports Business Daily ---
Original story: 11-23-2017
MillerCoors and NASCAR have not yet been able to reach an agreement to extend Coors Light's official beer deal with the sanctioning body that expires this year, according to sources. That makes a renewal look increasingly unlikely as the sport's offseason begins.
Coors Light has been the official beer of NASCAR since '08 when it replaced Budweiser in a five-year deal that was originally valued around $4M annually. The deal was renewed in '12.
While the sides maintain that they have not stopped negotiating and that a last-ditch save of the deal thus remains possible, sources said that NASCAR and MillerCoors have not been able to find a suitable arrangement to move forward despite negotiating for months after the brewer sought to renegotiate terms of a possible extension.
MillerCoors, which sponsors the pole winner award every week as part of its deal, has cut back its presence in NASCAR in recent years, first getting rid of its at-track models that were part of its sanctioning body deal and then recently announcing an extension under reduced terms with Team Penske.
--- Sports Business Daily ---