The Papa John’s brand has been hit hard by the comments made by its CEO with the derogatory use of the N-word. Papa John’s has been in red in last 5 quarters and is now hoping that Shaquille O’Neill will help save the company and restore its reputation.
Papa John’s will pay O’Neal $8.25 million in a combination of cash and stock over the three-year endorsement deal to represent the brand. Shaq will also invest $840,000 for a 30 percent stake in the company-owned Atlanta restaurants.
“We are thrilled to partner with Shaquille and welcome him to the Papa John’s board,” Papa John’s recently said in the press release. “Shaquille has an excellent entrepreneurial background, including as a restaurant franchise owner, and is a natural creative marketer.”
The 4x NBA champion and 15x NBA All-Star is ecstatic over the deal and went on Instagram to announce it.
Time for a pizza party! I’m excited to join @PapaJohns as a member of the Board of Directors and as an investor in nine stores in #AtlantaShaquille O’Neal
This now adds to his business resume of owning 27 Five Guys Burgers and Fries locations and a Krispy Kreme Doughnuts franchise in the Atlanta area. In addition to all that, he also owns a fried-chicken restaurant in Las Vegas and a fine-dining restaurant in Los Angeles.