LOUISVILLE, Ky. — The University of Louisville Association Executive Committee and University Board of Trustees announced a new naming rights deal for Cardinal Stadium following a meeting this afternoon.
According to AD Vince Tyra, a new name for the stadium could come as soon as a next season.
U of L and Founder of Papa John's, John Schnatter, reached an agreement to terminate their contract of the naming rights of the football stadium.
The mutual agreement will pay Schnatter $9.5 million over the course of five years.
The original deal with Schnatter consisted of a $5 million donation for the naming rights to the stadium in 1996 and a further $10 million donation for the stadium's expansion which extended the naming rights to the year 2040.
The university removed the "Papa John's" name from the football stadium in July 2018 after the pizza company founder admitted to using a racial slur during a conference call.
The university will now begin looking for other naming sponsors.
Statement from John Schnatter:
“With Papa John’s being based in Louisville and me being the single largest shareholder in the company, I’m very glad to reach the agreement today with the University of Louisville. It was concluded with the best interests of the University and the students in mind. Something you can be sure of is that I will always support the community with passion and I will always work hard to inspire others to pursue their dreams just like I was able to pursue mine right here in Louisville, Kentucky.”
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