Papa Johns made headlines after controversial national anthem protest comments from the pizza chain's CEO resulted in him losing $70 million in net worth in just one day after throwing the league under the bus.
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That resulted in the following statement on Tuesday evening:
The statements made on our earnings call were describing the factors that impact our business and we sincerely apologize to anyone that thought they were divisive. That definitely was not our intention. (1/3)
— Papa Johns (@PapaJohns) November 15, 2017
We will work with the players and league to find a positive way forward. Open to ideas from all. Except neo-nazis — 🖕those guys. (3/3)
— Papa Johns (@PapaJohns) November 15, 2017
Papa John's CEO lost $70 million in one day after he made controversial comments about the NFL https://t.co/Ed1lGNgQFF pic.twitter.com/KuOC5yUlKv
— CBS News (@CBSNews) November 2, 2017
This likely won't make Dallas Cowboys owner Jerry Jones too happy, who backed Papa John's statement.
In their third quarter earnings call, Papa John's CEO John Schnatter claimed that the ongoing NFL protests have affected his company's earnings, and that they will be pulling some of their advertising associated with the NFL.
On 3Q earnings call, @papajohns CEO John Schnatter blames "NFL leadership" for "current debacle" between players and owners. Stock is -5%
— Chris Otts (@christopherotts) November 1, 2017
John "Papa John" Schnatter on protests: "This should have been nipped in the bud a year and a half ago." Papa John's is NFL sponsor. https://t.co/nFEdxsMySI
— Michele Steele (@MicheleSteele) November 1, 2017
Papa John’s says it has been pulling advertising associated with the NFL. The league, it says, has given some future spots in return.
— Darren Rovell (@darrenrovell) November 1, 2017
ESPN's Darren Rovell detailed more:
"Leadership starts at the top and this is an example of poor leadership," Schnatter said, noting he thought the issue had been "nipped in the bud" a year and a half ago.
In revising sales estimates for the next quarter, Papa John's president and chief operating officer Steve Ritchie said on the call that the NFL deal was the primary suspect behind the decline and that "we expect it to persist unless a solution is put in place."
The protests started a year and a half ago, when then San Francisco quarterback Colin Kaepernick took a knee as a form of protest of racial inequalities. However, more NFL players have started to protest this season, with those protests involving more of a political statement against President Donald Trump and NFL ownership instead of what Kaepernick originally started last year.
