News
Papa John's founder gets $9.5 million for getting brand's name off Louisville stadium
October 28, 2019
Papa John's founder and former leader, John Schnatter, will get a $9.5 million payout over the next 5 1/2 years from the people behind the Louisville stadium that once bore the name of the brand he started. The University of Louisville Athletic Association agreed to pay the sum to Schnatter to end his namesake chain's naming rights to what was and is again simply, Cardinal Stadium, according to Insurance Journal. It had been called Papa John's Cardinal stadium before the company name was removed last year.
This all, of course, follows the well-publicized racial slur Schnatter reportedly used during a media training call last May that ultimately led to his resignation from the company. The association and board of trustees approved the deal to immediately pay Schnatter $1.5 million, followed by four more annual payments of $2 million each July.
Papa John's former naming rights agreement with the school ran through 2040. The school plans to resell those rights by next season, the report said.
