Billy Joe (Red) McCombs

$1.70 B

Ranked #1729 in World

About Billy Joe (Red) McCombs

Billy Joe "Red" McCombs, a pivotal figure in American business, sports, and philanthropy, passed away at 95 in San Antonio on February 19, 2023. Born in Spur, Texas, McCombs launched his empire by co-founding Hemphill-McCombs Ford in 1958, evolving into the vast Red McCombs Automotive Group. A Forbes-estimated net worth of $1.7 billion in 2022 highlighted his financial acumen. McCombs's philanthropic legacy includes a transformative $50 million donation to the University of Texas at Austin, renaming the business school in his honor. His sports ownership tenure covered the San Antonio Spurs, Denver Nuggets, and Minnesota Vikings. Despite facing controversies, his contributions left a lasting impact on the finance, sports, and philanthropic sectors.

Born

October 19, 1927 in Spur, Texas, U.S.

Died

February 19, 2023 (aged 95)

Source Of Wealth

Real Estate, Oil, Cars, Sports

Industries

Diversified

Citizenship

United States

Education

Drop Out, The University of Texas at Austin

Spouse

Charline Hamblin (Married: 1950; died 2019)

Children

Billy Joe "Red" McCombs was born on October 19, 1927, in rural Spur, Texas. His nickname "Red" originated from his fiery red hair. McCombs' father was a mechanic who, despite earning a meager $25 per week, faithfully tithed to their church. Inspired by his parents' generosity and the joy they found in giving, McCombs developed a strong sense of philanthropy that would shape his life and career.

Billy Joe (Red) McCombs: Family

McCombs married Charline Hamblin in 1950, and they remained happily married until her passing in 2019. Together, they raised a family and instilled in their children the values of hard work, generosity, and community service.

Billy Joe (Red) McCombs: Career Highlights

McCombs' business acumen and entrepreneurial spirit led him to achieve remarkable success in various industries. He co-founded Hemphill-McCombs Ford in San Antonio in 1958, which later became the renowned Red McCombs Automotive Group. His leadership and vision transformed the company into one of the most successful automotive dealerships in the United States.

McCombs' influence extended beyond the automotive industry. He served as chairman of trustees at Southwestern University and chairman of the University of Texas's M.D. Anderson Cancer Center. His generous contributions to these institutions, including a $30 million donation to M.D. Anderson Cancer Center in 2005 and a $50 million gift to the University of Texas at Austin, have left a lasting impact on education and healthcare.

Billy Joe (Red) McCombs: Companies

McCombs' entrepreneurial ventures included the establishment of several notable companies. He co-founded Clear Channel Communications, which became a leading global media and entertainment company. McCombs also owned the San Antonio Spurs, San Antonio Force, Denver Nuggets, and Minnesota Vikings, demonstrating his passion for sports and his ability to build successful sports franchises.

Billy Joe (Red) McCombs: Major Achievements

McCombs' achievements were widely recognized and celebrated. The McCombs School of Business at the University of Texas at Austin was named in his honor in recognition of his transformative $50 million donation.

This prestigious business school has become a hub for business education and research, shaping the lives of countless students and contributing to the economic development of the region.

Billy Joe (Red) McCombs: Awards & Achievements

McCombs received numerous awards and honors throughout his career, recognizing his business achievements, philanthropy, and contributions to sports. These accolades include the Texas Treasure Business Award, Distinguished Alumnus of The University of Texas at Austin, San Antonio Citizenship Award, Minnesota Business and Opportunities Magazine Man of the Year, Texas Business Hall of Fame, Golden Plate Award of the American Academy of Achievement, and National Football Foundation and College Hall of Fame Gold Medal.

Billy Joe (Red) McCombs: Personal Life & Legacy

McCombs faced personal challenges, including a battle with alcoholism, but emerged stronger after a near-death experience in 1975. He dedicated himself to sobriety and became an advocate for recovery. McCombs' philanthropic efforts extended beyond his business ventures. Through the McCombs Foundation, he donated over $118 million to various charitable causes, with a focus on small donations and minimizing overhead costs to maximize the impact of his giving.

McCombs passed away peacefully at his home in San Antonio on February 19, 2023, at the age of 95. He left behind a remarkable legacy of entrepreneurship, philanthropy, and community service. His contributions to business, sports, and education have left an indelible mark on the state of Texas and beyond.

Billy Joe (Red) McCombs: Trivia

McCombs had a passion for thoroughbred racing and breeding, partnering in Walmac Farm. He also invested in the Circuit of the Americas racetrack and had a corner named 'Big Red' in his honor.

McCombs faced controversies and legal challenges throughout his career. He encountered opposition and lawsuits for proposed resort developments near Wolf Creek ski area and attempted to build a casino resort at Navajo Canyon, which faced unanimous rejection.

Additionally, the United States Supreme Court found him to have engaged in a sham tax avoidance transaction.

McCombs was a vocal critic of the University of Texas's hire of Charlie Strong as football coach but later apologized and pledged his support to the program.

Wealth History

Timeline

1927

Billy Joe "Red" McCombs is born in rural Spur, Texas.

1958

McCombs co-founds Hemphill-McCombs Ford in San Antonio, which later becomes Red McCombs Automotive Group.

1973

McCombs purchases the Dallas Chaparrals of the American Basketball Association and moves the team to San Antonio, renaming them the San Antonio Spurs.

1975

McCombs recovers from alcoholism after a near-death experience.

1978

McCombs purchases the Denver Nuggets of the National Basketball Association.

1985

McCombs sells the Denver Nuggets.

1989

McCombs repurchases the San Antonio Spurs.

1993

McCombs sells the San Antonio Spurs.

1998

McCombs purchases the Minnesota Vikings of the National Football League.

2005

McCombs donates $30 million to the M.D. Anderson Cancer Center at the University of Texas.

2005

McCombs sells the Minnesota Vikings.

2006

The McCombs School of Business at the University of Texas at Austin is named after McCombs in recognition of his $50 million donation.

2019

McCombs' wife, Charline Hamblin, dies.

2023

McCombs dies at his home in San Antonio at the age of 95.

Billy Joe (Red) McCombs : FAQs

What is Billy Joe (Red) McCombs's net worth?

As of 2022, Billy Joe (Red) McCombs's net worth was $1.70 billion.

What are Billy Joe (Red) McCombs's main sources of wealth?

Billy Joe (Red) McCombs's main source of income comes from Real Estate, Oil, Cars, Sports.

In which industry does Billy Joe (Red) McCombs primarily operate?

Billy Joe (Red) McCombs is primarily involved in the Diversified industry.

What is Billy Joe (Red) McCombs educational background?

Billy Joe (Red) McCombs is a dropout from The University of Texas at Austin.

Is Billy Joe (Red) McCombs dead?

Yes, Billy Joe (Red) McCombs died on February 19, 2023 (aged 95).

How many children does Billy Joe (Red) McCombs have?

Billy Joe (Red) McCombs has 3 children.

What were Billy Joe 'Red' McCombs' major contributions to the sports industry?

Red McCombs significantly impacted the sports industry by owning teams such as the San Antonio Spurs, San Antonio Force, Denver Nuggets, and Minnesota Vikings. He also played a key role in relocating the Dallas Chaparrals to San Antonio, renaming them the Spurs, and was involved in thoroughbred racing and breeding.

How did Red McCombs contribute to education and cancer research?

Red McCombs made significant philanthropic contributions, including a $50 million donation to the University of Texas at Austin, renaming the business school in his honor. He also donated $30 million to the M.D. Anderson Cancer Center, serving as its chairman and furthering cancer research.

What were the highlights of Red McCombs' business career?

Red McCombs co-founded the Red McCombs Automotive Group and Clear Channel Communications, and was the past chairman of Constellis Group. His business ventures spanned various industries, and he was known for his lawsuit against former executives for trade secret theft.

How did Red McCombs' early life influence his career and philanthropy?

Born in rural Texas to a mechanic father, Red McCombs was inspired by his parents' generosity despite their modest means. This upbringing played a pivotal role in shaping his future business successes and philanthropic efforts, driving him to give back to the community extensively.

What controversies surrounded Red McCombs during his lifetime?

Red McCombs faced opposition for a proposed resort development, attempts to build a casino resort, was involved in a Supreme Court case over a tax avoidance transaction, and initially criticized the University of Texas's hire of Charlie Strong as football coach, though he later apologized.