Red McCombs
Red McCombs | |
|---|---|
| Born | Billy Joe McCombs 19 October 1927 Spur, Texas, U.S. |
| Died | 19 February 2023 (aged 95) San Antonio, Texas, U.S. |
| Occupation(s) | Entrepreneur, sports team owner |
| Known for | Founder of Red McCombs Automotive Group; co-founder of Clear Channel Communications; former owner of San Antonio Spurs, Denver Nuggets, Minnesota Vikings; namesake of McCombs School of Business |
Billy Joe "Red" McCombs (October 19, 1927 – February 19, 2023) was a prominent American entrepreneur. He launched the Red McCombs Automotive Group based in San Antonio, Texas, co-founded Clear Channel Communications, served as chairman of Constellis Group, and held ownership stakes in sports teams such as the San Antonio Spurs, Denver Nuggets, and Minnesota Vikings. The business school at the University of Texas at Austin is named in his honor as the McCombs School of Business.
In 2022, Forbes estimated McCombs' net worth at $1.7 billion.
Early life
McCombs was raised in the rural town of Spur, Texas, located in Dickens County. His nickname "Red" originated from his distinctive hair color. His father worked as a mechanic earning $25 per week and was devoted to tithing through their church. McCombs often cited his parents’ dedication to charitable giving as a significant influence on his values.
Business career
In 1958, McCombs partnered with Austin Hemphill to create Hemphill-McCombs Ford in San Antonio, which later developed into the Red McCombs Automotive Group. He held the position of chairman of trustees at both Southwestern University and the University of Texas's MD Anderson Cancer Center. Following a personal encounter with the hospital’s compassionate treatment, he donated $30 million in 2005. His $50 million gift to the University of Texas's business school resulted in its renaming to the Red McCombs School of Business and helped unlock $100 million in matching funds dedicated to faculty support and scholarships.
McCombs also served as chairman of the board for Academi.
In 2017, he initiated a $1 million civil lawsuit against seven former executives accused of stealing trade secrets to establish a rival company, F4 Resources, based in Houston. This legal conflict involved McCombs Energy, which McCombs founded in 1998 alongside William Forney. He claimed these former executives undervalued his investment returns and harmed long-term personal relationships.
Sports ownership
McCombs attributed much of the San Antonio Spurs' success to the establishment of the HemisFair Arena. To secure funding linked to the 1968 World's Fair, he approached Lee Iacocca, then president of Ford Motor Company. Although Iacocca initially offered only $250,000 for an art acquisition and dismissed San Antonio as insignificant for Ford’s interests, McCombs persisted by involving U.S. President Lyndon B. Johnson to contact Henry Ford II directly and challenged Ford on vehicle quality issues. Through these efforts and by attracting additional investors, he facilitated the relocation of the Dallas Chaparrals to San Antonio in 1973. Understanding television’s growing impact on sports exposure, McCombs promoted the Spurs nationally and signed their first star player, George Gervin, nicknamed "The Iceman," from the Virginia Squires.
After integrating the Spurs into the NBA, McCombs sold his ownership stake and purchased the Denver Nuggets in 1978. He retained ownership until 1985 before selling to Sidney Shlenker. He reacquired the Spurs in 1989 and managed them until selling again in 1993. In 1998, McCombs acquired the Minnesota Vikings for US$250 million but divested before the start of the 2005 NFL season after unsuccessful attempts to replace the aging Hubert H. Humphrey Metrodome. Additionally, he was a principal partner at Walmac Farm, a leading thoroughbred breeding facility located in Lexington, Kentucky.
As an early investor in the Circuit of the Americas, McCombs was honored in December 2020 when a track turn was named "Big Red" after him.
Controversy
McCombs possessed land adjacent to the Wolf Creek ski area in southern Colorado, where he intended to establish a resort community. This initiative encountered resistance and legal challenges from environmental advocates and local residents, resulting in courts blocking critical development access routes. Subsequently, he proposed constructing a casino resort at Navajo Canyon on Lake Powell, but the plan was unanimously opposed by the Navajo Nation chapters and regional authorities.
In 2013, the United States Supreme Court determined that McCombs had participated in a fraudulent tax avoidance scheme, holding him accountable for a valuation misstatement penalty.
McCombs openly expressed criticism of the 2014 University of Texas hiring of football coach Charlie Strong, describing Strong as an excellent position coach yet less qualified than other candidates. He issued an apology three days afterward and committed to offering "complete support" for Strong.
Personal life and death
A recovered alcoholic, McCombs experienced seizures and a five-day coma in Houston at age 48, after which he ceased alcohol consumption entirely. In a 2016 interview, he attributed his survival to divine intervention.
The McCombs Foundation, overseen by his daughters, has contributed more than $118 million to charitable causes, emphasizing low administrative costs and discreet donations, including modest gifts such as $1,000 to Mothers Against Drunk Driving. McCombs remarked that philanthropy "makes me feel so good about doing it."
He donated $40,000 to Donald Trump's 2020 presidential campaign.
McCombs was married to Charline Hamblin from 1950 until her passing in December 2019. He died at his residence in San Antonio on February 19, 2023, at the age of 95.
Awards and honors
- Texas Treasure Business Award recognizing contributions to employment for Texas residents
- Distinguished Alumnus of The University of Texas at Austin, Longhorn of the Year, and Southwestern University Distinguished Alumnus Award
- San Antonio Citizenship Award along with inductions into the San Antonio Business, Texas Philanthropy, and San Antonio Sports Halls of Fame
- Named Man of the Year by Minnesota Business and Opportunities Magazine
- Inductee of the Texas Business Hall of Fame (1998)
- Recipient of the Golden Plate Award from the American Academy of Achievement (1999), presented by Lowry Mays
- Awarded the National Football Foundation and College Hall of Fame Gold Medal (2001)