Molson Coors Brewing Co. (NYSE: TAP) has reached agreement to replace Anheuser Busch's (NYSE: BUD) Busch with Coors Light as the official brew of NASCAR. The five-year deal is worth a reported $20 million, according to AutoRacingReport.com.

Anheuser-Busch has pulled back on its involvement with NASCAR, including dropping out as title sponsor of the Busch series, the Beta version of NASCAR, after the race organizers signed an eight-year deal with ESPN and upped the title sponsorship price from $10 million to $40 million. Given that most of the company's recent success has come in upscale/imported beers and other beverages, it makes sense that they would cut back on marketing more mature products such as Bud Light and Busch.

While the Molson Coors deal gives it the right to use the logo, etc. as the official beer of NASCAR, it does not include title sponsorship of the formeer Busch series, according to a NASCAR spokeperson I talked to. She told me that this title sponsorship is still up for sale. Recently, one of the rumored front runners for this sponsorship, Doctor's Associates Inc.'s Subway , dropped out of the running.

The deal does not preclude Anheuser-Busch's ongoing sponsorship of a team, which has been roiled by controversy as legendary driver Dale Earnhardt Jr. jumped ship to drive for Hendrick Motorsports next year. In his place the team has hired driver Kasey Kahne.