Papa John’s CEO blames NFL after losing $70 million in less than 24 hours (Details)

CREDIT: Lonnie C. Major

On Tuesday, John Schnatter, Papa John’s CEO, saw his net worth drop $70 million in less than 24 hours after the company released its third-quarter financial report.

On Wednesday, stocks also dropped 11 percent and Schnatter, who owns 25% of the company, is now worth $801 million.

During a conference call, Schnatter placed part of the blame on the NFL, which has faced controversy for its “take a knee” protest for the past year.

In the conference call, Schnatter could be heard saying, “The NFL has been a long and valued partner over the years, but we are certainly disappointed that NFL and its leadership did not resolve the ongoing situation to the satisfaction of all parties.”

He continued, “This should have been nipped in the bud a year and a half ago. The NFL has hurt us and, more importantly, by not resolving the current debacle to the [players’ and owners’] satisfaction, NFL leadership has hurt Papa John’s.”

He also took shots at NFL commissioner Roger Goodell saying, “Leadership starts at the top, and this is an example of poor leadership.”

Back in 2012, Schnatter came under fire for criticizing Obamacare saying that it would be a “lose-lose” for his company and its employees.

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For the 2016 presidential election, even though he didn’t publically support anyone, he donated $1,000 to the Trump campaign.

In an interview before Trump’s inauguration, Schnatter stated, “As far as the politics, I have no idea. I do think we ought to give the new administration at least a chance to either do better things or to botch it.”

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