The late Subway co-founder Peter Buck has donated his 50 per cent of the popular sandwich chain to his charitable foundation, Forbes magazine said citing a statement from the group.
The donation could be worth as much as $5 billion and has been made to the Peter and Lucia Buck Foundation (PCLB), a charitable foundation setup by Buck and his wife in 1999.
“This gift will allow the foundation to greatly expand its philanthropic endeavors and impact many more lives, especially our work to create educational opportunities for all students, work Dr. Buck cared so deeply about,” PCLB executive director Carrie Schindele said.
The Buck family has given at least $580 million in past donations, the report added.
The announcement came after a report saying Subway could be sold for over $10 billion.
Under the terms of Buck’s will his sons – Christopher and William – with PCLB chief financial officer Ben Benoit – have been made executors of his estate, the report added.
Peter Buck, a nuclear physicist, co-founded the sandwich chain with Fred DeLuca around six decades ago. DeLuca died in 2015 and Buck in 2021.
After Buck died Forbes estimated his net worth at $1.7 billion.
The Buck Foundation supports a variety of causes, including education, journalism, medicine and land conservation. The family is also one of the largest landowners in Maine, with more than 1.3 million acres of timberland held through the Tall Timbers Trust.
Source- Hindustan Times.