Papa John’s ousted founder has launched a new attempt to reclaim the pizza chain.
After a brief respite from the news cycle, Papa John’s founder John Schnatter is back. According to a report by CNBC, Schnatter is actively reaching out to private equity firms to orchestrate a buyout of Papa John’s. Schnatter’s representatives denied the report.
According to the report, several of the firms Schnatter has contacted have rejected his proposal, citing concerns over the reputation risk of partnering with him. Schnatter resigned as chairman earlier this year after it was learned he used a racial slur on a conference call, kicking off an increasingly contentious falling out over the last few months. Schnatter still remains Papa John’s largest shareholder with a roughly 30 percent ownership stake in the brand.
Sources did tell CNBC, however, that Papa John’s is actively talking with potential buyers, but cautioning that the process is still in the early stages and may not ultimately result in a sale.
Read the full CNBC report here.