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The University of Louisville said Wednesday that John Schnatter resigned from its board of trustees, effective immediately.

By Associated Press
July 11, 2018

NEW YORK (AP) — Papa John’s founder John Schnatter is apologizing after reportedly using a racial slur during a conference call in May.

The apology Wednesday comes after Forbes cited an anonymous source saying the pizza chain’s marketing firm broke ties with the company afterward.

Forbes said Schnatter used the N-word during a media training exercise. When asked how he would distance himself from racist groups, Schnatter reportedly complained that Colonel Sanders never faced a backlash for using the word.

In a statement released by Louisville, Kentucky-based Papa John’s, Schnatter said reports attributing use of “inappropriate and hurtful” language to him were true.

“Regardless of the context, I apologize,” the statement says.

The University of Louisville also said Wednesday that Schnatter resigned from its board of trustees, effective immediately. The football stadium at the school is named Papa John's Cardinal Stadium.

MLB has also indefinitely suspended its Papa Slam promotion with Papa John's Pizza, reports Yahoo Sports. 

Schnatter stepped down as CEO last year after blaming slowing sales growth on the outcry surrounding football players kneeling during the national anthem. He became the chairman of the company he started when he turned a broom closet at his father’s bar into a pizza spot.

Papa John’s shares fell nearly 5% Wednesday after the report, closing at $48.33.

On Wednesday night, Schnatter resigned as chairman, reports Bloomberg. 

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