Given the controversy surrounding Schnatter, U-L president Neeli Bendapudi confirmed Thursday that she and the university are "evaluating" the status of the stadium's naming rights.
He also resigned as chairman from the pizza company after admitting the reports of him using a racial slur during an internal conference call were true. McConnell, an avid Louisville football fan, said "there's no place for racism in this country".
Louisville's Papa John's Cardinal Stadium is now simply Cardinal Stadium.
His face was off at least some materials by late morning Friday, though the company said the details and exact timing for everything were still being worked out.
Shares in Papa John's were up more than 3.1% on Friday following the news of the branding overhaul, improving further on the gains made after it was announced that Mr Schnatter was departing as chairman. Papa John's is now scrubbing Schnatter's image from its packaging and marketing materials. He owns almost 30 percent of the shares, and remains on the board even after ceding his role as chairman. The company's shares, which had fallen almost 5 percent Wednesday, rebounded 11 percent Thursday after the company announced Schnatter's resignation as chairman.
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The deal provides that if he leaves the company, Schnatter can rename the building.
While Papa John's was once ubiquitous with the sports world, it's partnerships have fallen off over the past few months due to Schnatter's actions. "But at the moment, you have to be very decisive and show you take this very seriously", Hollingsworth said. He is also the company's biggest shareholder, with 30 percent of the stock.
The two incidents with Schnatter seem to be linked, as Forbes reported that Schnatter used the N-word during a media training exercise. Schnatter subsequently issued a statement acknowledging the use of "inappropriate and hurtful" language.
Several current Louisville football players expressed on Thursday a desire to have the name of the stadium changed as well.
Fallout has already included Major League Baseball indefinitely suspending a promotion with Papa John's that offered people discounts at the pizza chain after a player hit a grand slam. "I am sure that he will say that he is sorry that he has hurt so many people, including - I know - students that he cares a great deal about".