The CEO of Papa John’s recently said NFL protests have hurt his pizza business.
Apparently, John Schnatter has lost a lot of personal dough as well.
His net worth dropped by $70 million in one day, according to Forbes magazine. The founder and CEO of the Jeffersontown, Ky.-based pizza chain is worth $801 million after the financial hit.
Schnatter, 55, owns a quarter of the business, which operates nearly 5,000 stores in 38 countries. According to Sports Illustrated, the company’s stock price has fallen by more than 5 percent since the NFL season kicked off.
“We are totally disappointed that the NFL and its leadership did not resolve the ongoing situation to the satisfaction of all parties long ago,” Schnatter said on a conference call Wednesday. “This should have been nipped in the bud a year and a half ago.”
Schnatter is no doubt referring to the silent protests that began with former 49ers quarterback Colin Kaepernick, who first sat during the national anthem during a preseason game in August 2016.
Papa John’s partnered with the NFL in 2010 and has “preferred partnerships” with 23 franchises, according to Business Insider.
On Thursday, two other pizza companies – Pizza Hut and DiGiorno – chimed in on the NFL-Papa John’s controversy.