Educators will benefit from a 1965 $1,000 donation. Dr. Peter Buck, the late co-founder of the mega-successful Subway restaurant chain, donated his 50% ownership to charity earlier this week.
Dr. Buck died in November 2021, but his will left his half of Subway to the Peter and Carmen Lucia Buck Foundation Inc., which he co-founded with his wife in 1999.
The PCLB Foundation "gives motivated people the tools they need to help themselves." The foundation grants money to environmental, medical, and journalistic organisations and K-12 public education in New York and Connecticut.
PCLB "supports the highest quality organisations that show initiative, leadership, and innovation in solving issues that impact individuals and communities," according to the Foundation.
The DeLuca and Buck families have been friends and business partners ever since.
According to the Foundation's press release, they planned this final, massive donation over a decade ago to "build PCLB into an institution designed to promote the best qualities of human nature".
The iconic sandwich chain may be worth over $10 billion. If sold, the PCLB Foundation may receive $5 billion. Dr. Buck's $1,000 Subway investment paid off.