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.
Texas Mourns the Loss of Business Icon: Red McCombs Passes Away at 95
Texas is grieving the death of a notable entrepreneur and philanthropist, Red McCombs, who passed away peacefully on February 19, 2023, at the age of 95. His contributions across various sectors and his philanthropic endeavors made an indelible mark in his home state.
A Business Visionary
Red McCombs was not just a businessman; he was a transformational figure who actively created over 400 businesses that spanned diverse sectors including automobiles, oil, real estate, and even racehorses. His wide-ranging influence epitomized the entrepreneurial spirit that Texas is renowned for. McCombs’ engagement extended beyond mere entrepreneurship; he was also a significant player in the sports scene, owning notable teams including the San Antonio Spurs from 1973 to 1993 and the Minnesota Vikings from 1998 to 2005.
Generous Philanthropist
McCombs’ legacy is also highlighted by his philanthropy. His most significant donation was a landmark $50 million to the University of Texas at Austin in 2000, marking it as one of the largest single donations in the institution’s history. In recognition of this donation, the business school was renamed the McCombs School of Business. This institution has consistently ranked as the No. 1 undergraduate and graduate accounting department for 19 consecutive years, influencing the educational experiences of thousands of students.
Inspiring Generosity
In addition to his contributions, McCombs set a philanthropic precedent that encouraged fellow alumni to give back. His actions inspired subsequent donations, including a $25 million contribution for Rowling Hall and a $40 million pledge for Mulva Hall, fostering a culture of giving within the university community.
Rooted in Longhorn Traditions
A proud alumnus of the University of Texas, McCombs remained deeply connected to his roots. He attended the university on the G.I. Bill after serving in the Army, and his commitment to the Longhorns extended beyond financial support. He worked to build a sense of community and pride among Longhorns everywhere.
Life Journey and Achievements
McCombs’ journey began with humble beginnings, starting as a peanut vendor at the age of 10. He advanced to co-founding the radio empire that would become iHeartMedia. At the time of his passing, his estimated net worth was $1.7 billion, showcasing the profound success he achieved through hard work and determination.
Legacy of Healthcare Contributions
Beyond education, McCombs’ philanthropic impact reached into healthcare, exemplified by his $30 million donation to the MD Anderson Cancer Center for the establishment of an early cancer detection institute. This commitment highlights his dedication to improving the lives of others through innovative health solutions.
Red McCombs leaves behind a rich legacy of entrepreneurial innovation, charitable contributions, and deep communal connections. His memory will resonate not just in San Antonio, but across Texas as a symbol of hope, determination, and a spirit of giving that continues to inspire future generations.
Deeper Dive: News & Info About This Topic
- New York Times: Red McCombs Dead
- Texas Monthly: Red McCombs Dies at 95
- Statesman: Red McCombs Dies
- Forbes: Red McCombs Dies at 95
- Spectrum Local News: NCAA Violations
Author: STAFF HERE AUSTIN WRITER
The AUSTIN STAFF WRITER represents the experienced team at HEREAustinTX.com, your go-to source for actionable local news and information in Austin, Travis County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as SXSW, Austin City Limits Music Festival, Formula 1 United States Grand Prix, and the Austin Film Festival. Our coverage extends to key organizations like the Greater Austin Chamber of Commerce and Visit Austin, plus leading businesses in technology, automotive, and retail that power the local economy such as Dell Technologies, Tesla, and Apple. As part of the broader HERE network, including HERECollegeStation.com, HEREDallas.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
