He had stepped down as CEO in 2017 amid controversial comments he made regarding NFL players kneeling in protest to social injustices.
Schnatter told WDRB he used a racial epithet to make a point about racism.
"This is all a farce. Nothing sells like the truth, and the truth, sooner or later, all comes out," Schnatter told WDRB. "Stay tuned. The day of reckoning will come. The record will be straight."