Texas billionaire Red McCombs dies at 95

Subscribe to The Brief, The Texas Tribune’s daily newsletter that keeps readers up to date with the most important Texas news.


BJ “Red” McCombs, a San Antonio businessman who started as a car salesman and grew into an empire spanning media, oil and professional sports, has died at his home at age 95.

McCombs, born in 1927 in Spur, east of Lubbock, once owned 50 car dealerships under the name Red McCombs Automotive Group. He founded Clear Channel Communications with Lowry Mays in 1972 and brought the Spurs to San Antonio in 1973.

McCombs owned the Spurs professional basketball team twice and also previously owned the NFL’s Minnesota Vikings and the NBA’s Denver Nuggets. Clear Channel Communications is now known as iHeartMedia and is still headquartered in San Antonio.

McCombs was also known for his philanthropy. The University of Texas at Austin named its business school after him after a $50 million gift in 2000. The north terminus area at Darrell K. Royal-Texas Memorial Stadium and the school’s softball stadium are also named for McCombs. In 2005, McCombs and his foundation gave $30 million to MD Anderson Cancer Center in Houston. He also contributed in the Texas Tribune.

“From the business school that bears his name to our athletics programs and student success, his entrepreneurial spirit, drive to win and commitment to excellence are reflected throughout Forty Acres,” UT President Jay Hartzell said in a statement.

McCombs was a donor to U.S. Senator Ted Cruz, D-Texas during his 2016 presidential campaign, and after Cruz dropped out, he donated to Donald Trump. He was also previously chairman of the board of Constellis, a private military company holding group formerly known as Blackwater.

“Red was a visionary entrepreneur who touched countless lives and had an immeasurable impact on our community,” the McCombs family said in a statement. “But for us, he was always, first of all, “dad” or “pop”. We mourn the loss of an icon of Texas.”

Disclosure: M.D. Anderson Cancer Center and the University of Texas at Austin provided financial support to The Texas Tribune, a non-profit, non-partisan news organization funded in part by donations from members, foundations, and corporate sponsors. Financial sponsors play no role in Tribune journalism. Find their complete list here.

Content Source

Dallas Press News – Latest News:
Dallas Local News || Fort Worth Local News | Texas State News || Crime and Safety News || National news || Business News || Health News

texasstandard.news contributed to this report.

Related Articles

Back to top button