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.
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“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.