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.

San Antonio Says Goodbye to a Business Legend: Red McCombs Passes Away at 95

San Antonio, a city known for its vibrant culture and booming business scene, is mourning the loss of one of its most iconic figures. On February 19, 2023, Red McCombs, the well-known Texas entrepreneur and philanthropist, passed away peacefully at the age of 95.

A Business Giant

Red McCombs wasn’t just a name; he was a powerhouse, earning his reputation by creating over 400 businesses in a wide range of sectors. His ventures spanned from automobiles to oil, real estate to cattle, and even included forays into insurance, movies, and racehorses. His influence in Texas is undeniable, portraying the essence of the Lone Star State’s enterprising spirit.

In the sports arena, McCombs held the reins of several professional teams. He was the owner of the Minnesota Vikings from 1998 to 2005 and had previously held ownership of the San Antonio Spurs from 1973 to 1993, not to mention a brief stint with the Denver Nuggets in the 1980s. His contributions were felt not just in business, but on the courts and fields where he supported some of Texas’ favorite teams.

Pioneering Philanthropy

What sets Red McCombs apart even more is his remarkable philanthropy. His generous spirit has left a lasting impact across the state. Among his largest contributions was a staggering $50 million donation to the University of Texas at Austin in May 2000. This wasn’t just any gift; it was the largest single donation in the university’s history at that time. As a result, the business school was proudly renamed the McCombs School of Business, marking a significant milestone as the first naming after a donor since 1970.

The McCombs School of Business has since become a well-respected institution, consistently ranking as the No. 1 undergraduate and graduate accounting department for 19 years. Today, it plays a crucial role in shaping the educational trajectory of about a quarter of UT students, showcasing how McCombs’ legacy continues to influence future generations.

Inspiration to Others

Red McCombs’ philanthropy didn’t stop with his own donations; he inspired fellow alumni to open their wallets as well. Following his lead, notable gifts included a $25 million donation for Rowling Hall and a $40 million pledge towards building Mulva Hall. The ripple effect of his generosity continues to be felt across campuses and communities alike.

A True Longhorn at Heart

Throughout his life, Red remained deeply connected to his alma mater. As a proud Longhorns fan, he cherished his time at the University of Texas, attending thanks to the GI Bill after serving in the Army. His love for the university encompassed not only financial support but also fostering a sense of community and tradition among Longhorns everywhere.

A Remarkable Journey

Red’s journey began in humble beginnings—selling peanuts at the age of 10. From there, he embarked on a fascinating entrepreneurial path that included co-founding the radio empire that we now know as iHeartMedia. As of his passing, his net worth stood at a remarkable $1.7 billion, illustrating just how far hard work, determination, and a bit of Texas grit can take you.

Legacy of Giving

In addition to his donations to educational institutions, Red McCombs made a significant impact on healthcare as well, contributing $30 million to establish an early cancer detection institute at MD Anderson. This endeavor showcased his commitment to making a difference in the lives of others.

As we reflect on the life of Red McCombs, it’s impossible to ignore his vast contributions to both Texas and beyond. He leaves behind a legacy of innovation, philanthropy, and an unwavering spirit that inspires generations to come. San Antonio and the rest of Texas will remember him not just as a businessman, but as a beloved figure who truly cared about his community.

San Antonio Mourns the Passing of Business Icon Red McCombs