The Asset Value of Red McCombs: Business School At The University Of Texas Bears
American businessman William Joe “Red” McCombs was born on October 19, 1927 and died on February 19, 2023. Former owner of the San Antonio Spurs, San Antonio Force, Denver Nuggets, and Minnesota Vikings; co-founder of Clear Channel Communications; former chairman of Constellis Group.
According to the San Antonio Express-News, McCombs had a net worth of $1.4 billion in 2012. He is the 913th wealthiest person in the world—Charles Butt, who worked for the H-E-B supermarket chain.
Red McCombs Net Worth
American businessman Billy Joe (Red) McCombs is worth $2 billion. Mr. McCombs is one of the wealthiest persons on the planet, thanks to his work as the founder of the Red McCombs Automotive Group in San Antonio, Texas.
Billy Joe McCombs was born on October 19, 1927, in Spur, Texas, and after serving for two years in the U.S. Army, he briefly attended Southwestern University in Georgetown. He eventually enrolled in the University of Texas at Austin, where he pursued degrees in both business and law. He was married in the early 1950s and then went to work as a car salesman for George Jones Ford in Corpus Christi.
The cornerstone of Red McCombs Automotive Group was laid in 1958 when McCombs and a colleague salesperson, Austin Hemphill, relocated to San Antonio to open the Hemphill-McCombs Ford. He’s already off to a great start, having amassed ownership of 55 car lots and counting.
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Obituary For Red Mccombs (1927-2023) – San Antonio, Texas
Father, grandpa, great-grandfather, and friend Red McCombs died away on Sunday, February 19, 2023, surrounded by his family and friends. McCombs was a multi-millionaire businessman with a larger-than-life demeanour and a reputation for success in various fields, including the automobile industry, professional sports, philanthropy, and more.
McCombs’s legacy, which he left behind with a booming voice, classic drawl, and mop of red hair, reflects his lifelong commitment to advocating for San Antonio and the state of Texas. His wife Charline predeceased him in December of 2019.
In Memoriam: “Red” McCombs (1927-2023) pic.twitter.com/Zl61aJjZkB
— NBA History (@NBAHistory) February 22, 2023
Red and Charline were each other’s best friends and soul mates for 69 years. Everything they did, from buying a sports team to helping a local charity, was a joint effort. Red’s deep and abiding love for Charline was well-documented. He was often reported as stating, “Of all the business arrangements I’ve ever signed, the only lifelong contract I’ve ever signed was with Charline.”
McCombs entered this world on October 19, 1927, in the Texas town of Spur. Although his legal name was recorded as Billy Joe McCombs, he was known as Red to everyone outside his immediate family.
Being a child of the Great Depression, you learn the importance of family early on. Red and his three siblings lived off his father’s $24.75 weekly wage as a Ford mechanic, but he witnessed his parents tithing every week.
In addition, he saw his mother give shelter and food to any jobless travellers who came to town begging. Red experienced firsthand the satisfaction of helping others and incorporated this lesson into his daily life.
Business School At The University Of Texas Bears Red Mccombs Name
Sunday marked the passing of B.J. “Red” McCombs, a successful entrepreneur and generous benefactor honoured by having the University of Texas at Austin’s McCombs School of Management bear his name. He was 95.
McCombs started the Red McCombs Automotive Group and previously owned the San Antonio Spurs and the Minnesota Vikings of the National Football League. In a statement posted on Monday, his family said he died at home surrounded by those who “loved and adored” him.
Red was a pioneering businessman whose influence was immeasurable. We may have called him many things, but to us he will always be and always will be Dad or Poppop,” the family added. It’s with great sadness that we learn of the passing of this Texan legend.
We mourn the passing of Billy Joe "Red" McCombs and are thinking of his family and friends at this time. Red was widely known for his philanthropy. In 2000, he and his family donated $50 million to the business school at @UTAustin, which now bears his name. pic.twitter.com/UlemkJy9XM
— Texas McCombs (@UTexasMcCombs) February 21, 2023
McCombs started his career in 1950 as a car salesman at a Ford dealership in Corpus Christi. By the time he retired in 2010, he was worth an estimated $2.5 billion and owned more than 400 firms across multiple industries, including real estate, energy, automotive, and sports.
Forbes magazine included him in its list of the world’s wealthiest people in 2022, estimating his wealth at $1.7 billion. McCombs controlled the Denver Nuggets of the National Basketball Association and co-founded Clear Channel Communications, now known as iHeartMedia.
“McCombs was a multi-industry business powerhouse known for his local car dealerships, pro sports team ownership, extensive philanthropy, and bigger-than-Texas personality,” the family stated. McCombs, who had red hair and a deep, booming voice, left a legacy reflecting his lifelong commitment to San Antonio and the state of Texas.
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