Red McCombs, an American billionaire most known for his Texas-focused charitable organizations and various sports investments, died on Sunday at his home at 95. His family confirmed the death in a statement on Monday.
McCombs had a significant role in bringing the Spurs to San Antonio and twice owned the group. He once held ownership of both the Denver Nuggets and the Minnesota Vikings.
Red McCombs was born Billy Joe McCombs in Spur, Texas. He was known to the world simply by the name of Red.
Are you interested in learning more about this American business tycoon? Keep reading this article to know more about Red McCombs, one of the billionaires of America.
Who Is Red McCombs?
Billy Joe McCombs, popularly known as Red McCombs, was an American businessman who established the Red McCombs Automotive Group in San Antonio, Texas.
He was also the co-founder of Clear Channel Communications, a former chairman of Constellis Group, the founder of the McCombs School of Business at the University of Texas at Austin, and a former owner of the San Antonio Spurs, San Antonio Force, Denver Nuggets, and the Minnesota Vikings.
Red McCombs: Early Life And Education
Red McCombs was born in West Texas, United States, on October 19, 1927. His hair color is the origin of his nickname Red McCombs.
McCombs’ father was a mechanic who worked for $25 per week. Even though his father earns less, he always sends donations to the Spur First Baptist Church. His parents taught him to give to people who had less. This lesson made him a philanthropist.
After serving in the Army during World War II, he attended the University of Texas at Austin to study law and business. He was later honored by having the business school, softball field, and north end zone of DKR-Texas Memorial Stadium named in his honor there.
Red McCombs: Business Career
Red McCombs worked at a Ford dealership in Corpus Christi after graduation. He started selling 30 or more vehicles a month. Within six months of work, he went out on his own.
He established McCombs Used Vehicles on Corpus Christi’s Water Street in 1952. When he took over running a failing business owned by his first boss, Austin Hemphill, he expanded his business to San Antonio.
The Red McCombs Automotive Group was founded in 1958 when Red and Austin Hemphill relocated to San Antonio to establish Hemphill-McCombs Ford.
In 1972, Red co-founded Clear Channel with his business partner Lowry Mays. In 1998, Red founded McCombs Energy in Houston by combining his 50% share in his company with William Forney with additional funds he had acquired from Forney.
He was the chairman of the Southwestern University board of trustees and the M. D Anderson Cancer Center at the city of Houston’s University of Texas.
Red McCombs donated $50 million to the business school at the University of Texas. As a result of his donation, they renamed it the Red McCombs School of Business. Red served as Academi’s board chairman.
He was on the board of the Alamo Endowment, which generates money to maintain and manage the Alamo Mission in the heart of San Antonio.
In 2017, McCombs sued seven of his former executives for $1 million in civil court, alleging they took trade secrets from his business to start F4 Resources in Houston.
Red McCombs: Investments In Sports
Red McCombs was a person who had an interest in business as well as sports. He wanted to expand the San Antonio Spurs to another level.
He recognized the chance to put San Antonio on the national scene after realizing the value of television for sporting events. George Gervin became Spur’s first superstar under the McCombs administration.
Two years after bringing the Spurs to the NBA, McCombs sold his ownership and acquired Denver Nuggets, another former NBA team. He kept the team until he sold it to Sidney Shlenker in 1985.
In 1998, he purchased the Minnesota Vikings. Before the 2005 NFL season, McCombs sold the team to current owner Zygi Wilf.
He was a significant investor in Walmac Farm, a renowned American breeding farm near Lexington, Kentucky. McCombs was also deeply invested in thoroughbred racing and breeding for many years. McCombs was one of the initial investors of the Circuit of the Americas.
Red McCombs: Awards And Recognitions
Here are a few of the Awards and recognitions that Red McComb received for his business and philanthropy.
- Texas Treasure Business Award for giving employment to citizens of Texas.
- Texas Business Hall of Fame (1998)
- American Academy of Achievement Golden Plate Award (1999).
- Man of the Year of Minnesota Business and Opportunities Magazine.
- Gold Medal for National Football Foundation and College Hall of Fame in 2001.
- San Antonio Citizenship Award.
- San Antonio Sports Halls of Fame
- Southwestern University Distinguished Alumnus Award and Longhorn of the Year.
Red McCombs: Controversies
McCombs owned a piece of land close to the pitcher family-owned Wolf Creek ski resort in southern Colorado. McCombs planned to build a resort there surrounded by a national forest. The environmentalists and residents of the area opposed the plan and have filed lawsuits.
McComb had failed to persuade the court to eliminate a significant barrier preventing his planned project. The local government authorities of that area rejected the particular plan.
The United States Supreme Court ordered McCombs to pay the penalty after finding that his company had participated in a sham tax avoidance transaction.
He has also been into a controversy when he expressed his strong disapproval of selecting Charlie Strong as football coach at the University of Texas in 2014.
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Red McCombs: Personal Life
Red McCombs married Charline Hamblin in 1950. Hamblin died on December 12, 2019.
Besides all these business dealerships, McCombs was a prominent philanthropist from America. He is the founder of the McCombs Foundation, a non-profit charitable organization. According to McCombs, charity and small donations make him feel so good.
The 95-year-old American businessman died on February 19, 2023, in his residence in San Antonio.
Red McCombs: Net Worth
Red McCombs was considered one of the billionaires from America. In 2017, Forbes listed McCombs as one of the wealthiest men in the world.
The 95-year-old late American businessman is supposed to have an estimated net worth of more than $2 billion.
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