Red McCombs, namesake of University of Texas business school, dies at 95

B.J. “Red” McCombs, a prominent San Antonio businessman and philanthropist and the namesake of the McCombs School of Business at the University of Texas, died Sunday. He was 95.

McCombs was the founder of the Red McCombs Automotive Group and a former owner of the NBA's San Antonio Spurs and the NFL's Minnesota Vikings. He was surrounded by family members who "loved and adored him" when he died at his home, and they are “heartbroken,” according to a statement released Monday by the family.

“Red was a visionary entrepreneur who touched many lives and impacted our community in immeasurable ways.  But to us he was always, first and foremost, ‘Dad’ or ‘Poppop,’” the statement said. “We mourn the loss of a Texas icon.”

McCombs rose from working as a car salesman at a Ford dealership in Corpus Christi in 1950 to become a billionaire who owned more than 400 businesses in several industries, including real estate, energy, automotive and sports. 

In 2022, Forbes listed him among the richest men in the world, with a $1.7 billion estimated net worth. McCombs was also a co-founder of Clear Channel Communications, now known as iHeartMedia, and also owned the NBA's Denver Nuggets.

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“McCombs was a multi-industry business magnate known for his local car dealerships, pro sports team ownership, generous philanthropy, and bigger-than-Texas personality,” the family said in its statement. “With a booming voice, classic drawl, and mop of red hair, McCombs left a legacy in line with his lifelong desire to support San Antonio and all of Texas.”

He opened his first business — McCombs Used Cars in Corpus Christi — in 1953. When his first boss, Austin Hemphill, was facing financial difficulties at a car dealership in San Antonio, McCombs came to the rescue, and he later took ownership of the dealership, now known as Red McCombs Ford. McCombs eventually grew his car dealership empire to more than 60 stores.

‘An infectious gusto for life’

In addition to his business activities, McCombs was an active philanthropist. The McCombs family and the McCombs Foundation — the family’s primary philanthropy arm — have contributed more than $135 million to civic causes in Texas since 1981, according to McCombs Enterprises.

McCombs gave $50 million to UT’s business school in 1999, and the UT System Board of Regents renamed the school in McCombs’ honor. He also helped fund a softball stadium and the north end zone at Royal–Memorial Stadium, and both are named after him.

“The whole academic family at Red McCombs School of Business grieves his loss with his family and the San Antonio community,” said Lillian Mills, dean of UT's business school. “His gift and support to Texas McCombs has transformed the lives of students, faculty, businesses, and society. We will carry forward his legacy into our second century driven to serve and focused on making a difference.”

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The UT System said in a statement on Twitter that it was mourning the loss of McCombs and reflecting “on the generosity that he and Charline bestowed on UT institutions and countless nonprofit organizations.”

“They made us all better, and we will work every day to make Red and Charline proud of what they saw in each of us,” the statement said. 

McCombs was “one of the first people I met when I came to Texas, and definitely the most colorful,” UT System Chancellor JB Milliken said in a statement. “He lived large, was remarkably generous, and had an infectious gusto for life. And he loved his Longhorns!”

'Legacy of generosity'

In 2005, McCombs and his wife, Charline, donated $30 million to UT's MD Anderson Cancer Center in Houston — the center’s largest gift ever for cancer research — to create the Institute for the Early Detection and Treatment of Cancer and “to bring cross-discipline researchers in-house to take down incurable cancers.”

McCombs attended Southwestern University in the 1940s on a football scholarship and was a lineman and receiver. He served in the Army from 1946 to 1947 before enrolling in UT’s law and business schools, although he did not graduate.

The Texas Exes, UT’s official alumni organization, honored McCombs with a Distinguished Alumnus Award in 1998, recognizing “alumni who have made significant achievements in their careers and service to the university.” 

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UT President Jay Hartzell said in a statement that McCombs’ “legacy of generosity will forever impact the lives of countless students who find inspiration in his story and go on to change the world.”

“We are saddened by the loss of Red McCombs, a true pioneer and legendary Longhorn, and extend our heartfelt condolences to his family,” Hartzell wrote on Twitter. “From the business school that bears his name, to our athletics and student success programs, his entrepreneurial spirit, drive to win and commitment to excellence are reflected across the Forty Acres.”

From 1992 to 2000, McCombs was chairman of the Board of Trustees of Southwestern University, which also honored him as a distinguished alumnus. The McCombses gave $6 million to Southwestern in 1998 — the largest alumni gift in the school’s history — to fund the Red & Charline McCombs Campus Center.

McCombs was also one of the largest investors in Circuit of the Americas' Formula One U.S. Grand Prix race. In 2020, the racetrack renamed its iconic Turn 1 “Big Red” in honor of McCombs.

“Red McCombs is a Texas legend; known for his big heart, successful businesses, and love for his home state,” COTA Chairman Bobby Epstein said in a statement about the renaming. “I’m delighted that we are able to honor his legacy.”

He is survived by his three daughters, Marsha Shields, Connie McNab and Lynda McCombs, and several grandchildren and great-grandchildren.