What was Red McCombs’ Net Worth?
Red McCombs was an American businessman who had a net worth of $2 billion at the time of his death.
Billy Joe “Red” McCombs (1927-2023) was an iconic American businessman whose entrepreneurial spirit and savvy investments shaped multiple industries across seven decades. Rising from humble beginnings in rural Texas, McCombs built a diverse business empire that included automobile dealerships, media companies, energy interests, and real estate developments. Most notably, he left an indelible mark on professional sports as owner of three major franchises: the NBA’s San Antonio Spurs and Denver Nuggets, and the NFL’s Minnesota Vikings. Beyond his business acumen, McCombs was renowned for his philanthropic contributions, particularly to education and healthcare in Texas. His larger-than-life personality, recognizable nickname derived from his flaming red hair, and Texas-sized ambition helped him become one of the Lone Star State’s most successful and beloved business figures.
Early Life and First Ventures
Born on October 19, 1927, in Spur, Texas, McCombs grew up during the Great Depression in a family of modest means. After briefly attending Southwestern University and the University of Texas at Austin, McCombs discovered his natural talent for sales. In 1950, he began his career selling cars at a Ford dealership in Corpus Christi, quickly demonstrating exceptional ability to connect with customers and close deals.
By 1958, McCombs had accumulated enough capital and knowledge to purchase his first automobile dealership. This initial investment would become the foundation of the Red McCombs Automotive Group, which eventually expanded to include dozens of dealerships across Texas. His distinctive marketing tactics, including appearing in his own television commercials with his trademark red hair and boisterous personality, helped make him a household name throughout Texas.
Never content to focus on a single industry, McCombs demonstrated remarkable business versatility by expanding into media in the 1970s. He co-founded Clear Channel Communications (now iHeartMedia) with Lowry Mays in 1972, starting with a single radio station in San Antonio. This media venture would grow into one of the largest radio station operators in the United States, eventually expanding into outdoor advertising and live entertainment.
McCombs’ portfolio continued to diversify with investments in energy, real estate development, and financial services. His McCombs Energy operated oil and gas properties throughout Texas, while his real estate developments reshaped parts of San Antonio and other Texas cities. This diversification strategy protected his wealth during economic downturns and multiplied it during boom periods.
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Sports Ownership
McCombs’ most visible legacy came through his ownership of professional sports franchises. In 1973, he purchased the San Antonio Spurs, then part of the American Basketball Association, and was instrumental in navigating the team’s entry into the NBA during the 1976 merger. Under his ownership, the Spurs established themselves as one of basketball’s most respected organizations.
After selling the Spurs in 1982, McCombs briefly owned the Denver Nuggets before repurchasing the Spurs in 1988. His second tenure with the franchise helped solidify the team’s foundation before he sold the team again in 1993 to focus on other ventures.
In 1998, McCombs expanded his sports portfolio by purchasing the Minnesota Vikings for $250 million, a franchise he would own until 2005. During his ownership, he pushed aggressively for a new stadium to replace the aging Metrodome, though these efforts were ultimately unsuccessful during his tenure. He sold the Vikings for $600 million, more than doubling his investment.
Philanthropy and Legacy
McCombs’ philanthropy matched his business ambition. His most significant contribution came in 2000, when he donated $50 million to the University of Texas business school, which was renamed the McCombs School of Business in his honor. This gift reflected his lifelong belief in education as a pathway to opportunity.
His philanthropic efforts extended to healthcare, with substantial donations to the University of Texas M.D. Anderson Cancer Center and other medical institutions. The McCombs Foundation, established with his wife Charline, has contributed to numerous causes throughout Texas.
When McCombs passed away on February 19, 2023, at the age of 95, he left behind a business empire with an estimated value exceeding $1.5 billion. However, his true legacy lies in the opportunities he created for others—whether through employment at his companies, education at institutions he supported, or community pride in the sports teams he owned. Red McCombs embodied the American entrepreneurial spirit, demonstrating how ambition, risk-taking, and adaptability could transform a car salesman from rural Texas into one of the nation’s most successful businessmen.
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