News Summary
San Antonio is mourning the loss of Red McCombs, a legendary Texas entrepreneur and philanthropist who passed away peacefully at the age of 95. Known for founding over 400 businesses, his impact extended from the automotive industry to sports ownership, and exceptional philanthropy, including a landmark donation to the University of Texas. McCombs’ remarkable journey from humble beginnings to a billionaire exemplified the spirit of determination and generosity, leaving a lasting legacy on Texas and beyond.
Texas businessman and philanthropist Red McCombs has passed away at the age of 95. McCombs, who died at home in San Antonio on February 19, 2023, leaves behind a legacy as one of the most influential entrepreneurs in the state’s history.
Known for establishing over 400 businesses in a wide range of industries such as automobile, oil, real estate, cattle, insurance, entertainment, and racehorses, McCombs made a significant mark on the Texas economy. His ventures included owning the Minnesota Vikings from 1998 to 2005 and the San Antonio Spurs from 1973 to 1993, in addition to a brief ownership of the Denver Nuggets in the 1980s.
McCombs started his career in business at an early age by selling peanuts at age 10 before transitioning into a successful career in automobile sales. He founded a dealership group that became the largest car dealership in Texas, showcasing his prowess as a salesman and entrepreneur. Over a lifetime dedicated to business, he amassed a net worth of $1.7 billion, according to Forbes.
In addition to his business ventures, McCombs was widely recognized for his philanthropy, contributing millions to different organizations throughout Texas. One of his most notable donations was a groundbreaking $50 million gift to the University of Texas at Austin in May 2000, marking the largest single donation in the university’s history at that time. This donation led to the renaming of the university’s business school to the McCombs School of Business, a significant event as it was the first naming after a donor since 1970.
The McCombs School of Business has since gained recognition as a leading institution, with its undergraduate and graduate accounting department ranked as the No. 1 in the country for 19 consecutive years. The school has played a pivotal role in shaping the educational journeys of nearly a quarter of UT students across various disciplines.
McCombs’ philanthropic spirit didn’t stop there. His commitment to giving back inspired other alumni, leading to substantial contributions, including a $25 million donation towards Rowling Hall and a $40 million pledge for the construction of Mulva Hall. These contributions have further enhanced the university’s infrastructure and resources, fostering an environment conducive to academic excellence.
A veteran of the armed forces, McCombs used the GI Bill to attend the University of Texas at Austin, fostering a lifelong passion for the school and its athletic programs. His dedication to the Longhorns was profound and evident throughout his life.
Beyond education, his philanthropic endeavors extended to healthcare, including a significant $30 million donation aimed at establishing an early cancer detection institute at MD Anderson, demonstrating his commitment to advancing medical research and patient care.
Red McCombs’ impact on Texas was not only felt through his extensive business dealings but also through his profound philanthropic contributions, which have shaped education, sports, and healthcare in the state. His legacy remains deeply woven into the fabric of Texas, inspiring future generations of entrepreneurs and philanthropists alike.
Deeper Dive: News & Info About This Topic
- New York Times: Red McCombs Dead
- Texas Monthly: Red McCombs Dies at 95
- Statesman: Red McCombs Dies
- Forbes: Red McCombs Dies at 95
- Spectrum Local News: NCAA Violations
