$5 billion commitment to charity by Buck Family
Subway co-founder Peter Buck has donated half of his sandwich chain to his charitable organization.
The net value of the donation is pegged at more than $5 billion, making it the biggest donation to a charitable organization in a year. Buck, a nuclear physicist, died in November 2021, before reportedly writing instructions in his will to donate his shares to Peter and Lucia Buck Foundation (PLBF), a charitable firm set up in 1999 by him and his late wife.
The foundation is currently managed by members of the Buck family: Christopher Buck, Michael Buck, Samuel Buck, William Buck and Vera Lourenco.
The Buck foundation supports a number of causes, such as those related to media, education, health, and environmental preservation.
The Buck family is one of the largest landowners in the American state of Maine. The family holds over 1.3 million acres of timberland through Tall Timbers Trust. The Buck family is known for its philanthropic endeavours.
The family has made donations worth $580 million to the PLBF so far. Since the death of Peter Buck in 2021, the Buck family has managed the sandwich chain.
Peter Buck appointed Ben Benoit, the Chief Financial Officer of PCLB, and his two sons Christopher and William Buck as the executors of his estate.
William and Christopher are on the foundation’s board of directors.
It is estimated that Peter Buck’s net worth is about $1.7 billion after he died in 2021.
Subway is reportedly exploring a sale deal that could peg the firm’s value at above $10 billion.
It means that the shares held by him in the sandwich company, which will be donated to the PLBF organization, are worth more than $5 billion.