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San Antonio Mourns the Passing of Business Icon Red McCombs

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 mourns the loss of Red McCombs, a respected entrepreneur and philanthropist, who passed away on February 19, 2023, at the age of 95. He leaves behind a remarkable legacy marked by entrepreneurship, philanthropy, and contributions to numerous sectors.

Throughout his lifetime, McCombs created over 400 businesses across various industries including automobile, oil, real estate, cattle, insurance, movies, and racehorses. He gained prominence through his distinguished role in sports franchise ownership, having previously owned the Minnesota Vikings from 1998 to 2005, the San Antonio Spurs from 1973 to 1993, and the Denver Nuggets briefly during the 1980s. His tenure in these franchises showcased his passion for both business and sports.

Beyond his business acumen, McCombs was known as a highly successful car salesman. He founded a dealership group that emerged as the largest car dealership in Texas, demonstrating his sharp instincts in the automotive industry. McCombs’s wealth was estimated at $1.7 billion at the time of his death, according to Forbes.

McCombs’s impact extended beyond the business world through significant philanthropic efforts. He was committed to supporting various organizations, including a groundbreaking $50 million donation to the University of Texas at Austin in May 2000, which at that time marked the largest single donation in the university’s history. This donation led to the renaming of the university’s business school to the McCombs School of Business, making it the first naming after a donor since 1970. His contributions had a lasting influence, with the school receiving accolades as the No. 1 undergraduate and graduate accounting department for 19 consecutive years, shaping the educational experiences of a quarter of the university’s students across multiple majors.

His philanthropic spirit inspired many other alumni to give back, leading to notable contributions such as a $25 million donation for Rowling Hall and a $40 million pledge to the construction of Mulva Hall. McCombs’s deep affection for the University of Texas at Austin was founded on personal experiences, as he attended the university on the GI Bill after serving in the Army. He remained a devoted supporter of the Longhorns throughout his life.

In addition to his educational contributions, McCombs exhibited a strong commitment to healthcare innovation, establishing an early cancer detection institute at MD Anderson with a generous $30 million donation to advance cancer research and treatment.

McCombs passed away in his home in San Antonio, surrounded by family, with the cause of death not disclosed. His entrepreneurial journey began at a young age when he started selling peanuts at just 10 years old. He co-founded a radio empire that eventually became iHeartMedia, further showcasing his influence in the media landscape.

Red McCombs’s vast contributions to business, sports, education, and philanthropy position him as a pillar of the Texas community. His legacy will endure through the institutions and lives he has touched over nearly a century of impactful work.