Under the deal, Schnatter will be paid $1.5M immediately, then $2M annually for four yearsUNIV. OF LOUISVILLE
The Univ. of Louisville has reached a five-year, $9.5M settlement with Papa John's Founder John Schnatter that "ends his involvement with the football stadium's name and opens the door for another company or organization to purchase the naming rights," according to a front-page piece by Lucas Aulbach of the Louisville COURIER JOURNAL. Under the settlement, Schnatter "immediately" will receive $1.5M, with the remaining $8M being "paid in installments" of $2M over the next four years. UL AD Vince Tyra said that the school "hopes to have a new sponsor" in time for next season. But he did not provide specifics on the "potential price tag with a new partner." Tyra also said that the school has "some urgency to find a partner," but "won't rush in its efforts." Aulbach notes there were 23 years "remaining on Schnatter's agreement." Tyra said that he expects the next naming-rights deal will last "closer to 10 years" (Louisville COURIER JOURNAL, 10/25). In Louisville, Marty Finley noted UL started calling Papa John's Cardinal Stadium by a different name, Cardinal Stadium, in July '18 following "controversy over" a racial slur Schnatter used in May '18 (BIZJOURNALS.com, 10/24).
