John Schnatter June 2017.jpg

Papa John's founder John Schnatter at the internal restaurant inside the company's headquarters in Louisville. June 12, 2017

LOUISVILLE, Ky. (WDRB) -- Papa John's International founder John Schnatter sold $157 million in company stock on Tuesday, according to a new regulatory disclosure, bringing his slice of the Louisville-based pizza company down to 19 percent, from 31 percent when he began a sell-off two weeks ago.

Schnatter said in the regulatory filing that he has agreed not to sell any more shares until Aug. 19 at the earliest as part of a deal with UBS Financial Services for the $157 million "block sale."

In all, Schnatter has cashed in $177 million in Papa John's stock in a series of transactions beginning May 10. The sales started weeks after Schnatter agreed to give up his board seat, giving him no management or oversight role for the first time since he started Papa John's in 1984.

A spokesman for Schnatter declined to comment.

Schnatter and his wife Annette, as well as a charitable foundation they established, still own about $289 million worth of Papa John's stock, based on Thursday's trading price.

The other Papa John's board members distanced the company from Schnatter last summer after he admitted using racial language on a media training conference call.

After twice suing the company, Schnatter agreed to stand down from the legal fight and gave up his board seat in April.

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2019 WDRB News. All rights reserved.

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Chris Otts reports for WDRB.com about business and economic topics, higher education and local / state government. He joined WDRB News in 2013 after seven years with The Courier-Journal. Got a tip? Chris is at 502-585-0822 and cotts@wdrb.com.