NASCAR set to name new title sponsor for Nationwide Series

NASCAR has called a 1:30 p.m. ET Wednesday press conference at the NASCAR Hall of Fame in Charlotte, N.C., where it is expected that Comcast will be named the new entitlement sponsor of what is now the Nationwide Series, beginning in 2015.

According to a recent report from SportsBusiness Daily, Comcast and NASCAR plan to announce a 10-year sponsorship agreement that will see the Nationwide Series rebranded as the Xfinity Series next season. The deal, which is reportedly valued at close to $200 million, follows several months of negotiations and represents a major achievement for NASCAR.

NASCAR announced last October that Nationwide would end its seven-year run as the entitlement sponsor of the sport's No. 2 series at the end 2014, and refocus its motorsports spending to other areas of the industry.

Nationwide's contract as NASCAR's official auto, home, life and business insurance partner runs through 2017.