NEW YORK (CNN) -
Beer magnate Peter Coors will formally jump into Colorado's U.S. Senate race Tuesday, giving Republicans a wealthy and well known contender as they try to keep the seat out of Democratic hands.
Coors' formal announcement, on the steps of the State Capitol in Denver, comes after Republican Gov. Bill Owens withdrew his earlier endorsement of another candidate, former U.S. Rep. Bob Schaffer, to back Coors.
Both Owens and retiring U.S. Sen. Ben Nighthorse Campbell will be on hand for Coors' announcement at 11:30 a.m. ET.
However, Schaffer -- a three-term congressman who retired in 2002 to keep a term-limits pledge -- has vowed to remain in the race, setting up an Aug. 10 primary contest with Coors, who is making his maiden bid for public office.
In addition to running one of the state's best-known businesses, Adolph Coors Co. (RKY: Research, Estimates), Coors has also appeared in the company's television commercials. The Coors name is ubiquitous in Colorado, even adorning the Colorado Rockies baseball stadium in downtown Denver.
Campbell, a Republican and the Senate's only Native American, announced last month that he would not seek re-election because of health problems, putting what was considered to be a safe GOP seat into play in the closely divided chamber.
The Democratic political establishment has coalesced behind the candidacy of Attorney General Ken Salazar, who has won twice statewide in Republican-leaning Colorado.
A number of prominent Republicans, including Owens, declined to run for Campbell's seat, leaving Schaffer as the biggest name in the race. Owens endorsed Schaffer before learning last week that Coors was planning to run.
Schaffer confirmed that Owens called him over the weekend to withdraw his endorsement.
"It's certainly disappointing when anyone in politics has to go back on their commitments," Schaffer told reporters. "He said he was sorry, and I told him I forgive him."
"His reasons are his, and I'm not going to articulate them."
A source close to Owens said the call to tell Schaffer he was pulling back his support was "businesslike and professional."
Schaffer also said he spoke with Coors, whom he described as a friend.
"I painted a picture for him on how the outcome of the race was going to be, and that is me winning the heart and soul of the Republican Party," Schaffer said. "Serving in Washington is no picnic, and I reminded him of that."
Schaffer picked up the endorsement of Dan O'Bryant, a lesser-known GOP candidate who dropped out of the race Monday.
Colorado is one of two states where Republican retirements are creating open Senate seats for Democrats to target this fall. The other is Illinois, where Sen. Peter Fitzgerald is leaving.
However, on the other side of the aisle, five Southern Democrats are not seeking re-election, giving Republicans opportunities for pick-ups in North Carolina, South Carolina, Georgia, Florida and Louisiana.
Heading into the election, Republicans hold 51 seats and Democrats 48, with one independent, Sen. Jim Jeffords of Vermont, who caucuses with Democrats.
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