The company had a strong relationship with the University of Louisville, but on Wednesday, the university announced Schnatter had resigned from its board of trustees and it would consider re-naming its Papa John's Cardinal Stadium.
Schnatter had used the slur during a media training exercise in May, Forbes reported this week.
Papa John's Cardinal Stadium will now be called simply Cardinal Stadium in the wake of a scandal involving the founder of the pizza chain whose company name has been attached to the stadium for years.
During the call, he reportedly said "Colonel Sanders called blacks n--" and never faced backlash.
The Minnesota Twins have "indefinitely suspended" sales of Papa John's pizza from their activation at Target Field, according to a team spokesman. Also being renamed is John H. Schnatter Center for Free Enterprise at the university's business college.
Schnatter - always been the face of Papa John's brand - is still the company's largest shareholder and remains on its board, but top executives plan on removing his image from marketing materials following the latest controversy. "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".
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Russian President Vladimir Putin speaks during negotiations with Belarusian officials in Minsk, Belarus, Tuesday, June 19, 2018. Despite that, experts say the leaders are likely to emerge with some tangible progress.
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Williams, for the first time since her comeback, appears to have her body and mind aligned to take that next step. So it's really cool. "I've played tennis for over 30 years, so I'm so used to [being] incredibly fit".
A Papa John's spokesperson confirmed to the BBC that it will erase its founder's image from all advertising. The training call was in regards to his comments on the National Football League's leadership over the national anthem protests by players.
The incident prompted Papa John's marketing firm to break ties with the company, Forbes said. Several people told Friedland how inappropriate and hurtful his use of the word was.
In a press release late Wednesday night, Papa John's announced John's resignation, and said a new Chairman of the Board will be appointed in the coming weeks.
Friedland, who is white, later repeated the word with human resources staff trying to address the original incident, Netflix said. His image and voiceover do appear at the end of two of the top five TV commercials that have aired nationally so far this year according to iSpot. For the first three months of this year, the chain said a key sales figure fell 5.3 per cent in North America. As of 1:05 p.m. Friday, Papa John's shares are $54.31, up more than 1 percent since the start of the day.
Papa John's isn't the only pizza option at Target Field.