Late Subway co-founder leaves 50 percent of sandwich chain to charitable foundation
The late Peter Buck, co-founder of sandwich giant Subway, left instructions in his will to give 50 percent of the chain to a charitable foundation he and his wife set up in 1999, the foundation announced Monday.
"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, Carrie Schindele, executive director of the Peter and Carmen Lucia Buck Foundation, said in a news release.
Buck, who died in late 2021, planned to give his share of Subway to the foundation more than a decade ago, according to a news release.
A report in the Wall Street Journal earlier this month stated that Subway was considering a sale that would value it at more than $10 billion. If that sale does take place, that would value Buck's donation at $5 billion — one of the biggest single donations to a charitable organization in one year, according to Forbes.
Buck joins a small group of billionaires who have given up stake in their companies. Last year, Yvon Chouinard, the founder of Patagonia, announced he was donating his company to a trust and nonprofit group.