LOUISVILLE, Ky. (WDRB) -- The University of Kentucky will no longer recognize John Schnatter in any way, President Eli Capilouto said Friday.

In a news release, Capilouto said Schnatter's name would be removed from the Gatton College of Business and Economics and its John H. Schnatter Institute for the Study of Free Enterprise, for which he donated several million dollars.

"We appreciate Mr. Schnatter’s understanding that his unacceptable language is contrary to the values of the University of Kentucky," Capilouto said. "We believe in his sincerity to try to make amends. But attempting to continue any financial relationship with Mr. Schnatter would be a painful and unnecessary barrier to our efforts of building a community where everyone is welcome and belongs."

On Wednesday, Schnatter acknowledged the truth of a Forbes story that said he used the N-word during a discussion about public relations with the company's outside marketing agency in May.

Schnatter then resigned as chairman of the company and from his seat on the University of Louisville's governing board.

Earlier Friday, the University of Louisville has renamed Papa John's Cardinal Stadium "Cardinal Stadium."

The John H. Schnatter Family Foundation released a statement about Capilouto's decision:

"When we started working with the University of Kentucky to create the John H. Schnatter Institute for the Study of Free Enterprise in 2015, our focus was, and remains to this day, the students, who benefit from understanding the role free markets play in the economy and society. Based on recent events, the University feels that Mr. Schnatter’s involvement with this program could be a distraction to students and scholars. With that in mind, we have mutually agreed to end our partnership with the University.”

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