Red McCombs Wiki Biography
Red McCombs, a businessman and entrepreneur, was born Billy Joe McCombs on October 19, 1927, in Spur, Dickens County, Texas, and is best known as the owner of the Red McCombs Automotive Group in San Antonio, Texas, and former owner of the Denver Nuggets, San Antonio Spurs, and Minnesota Vikings. McCombs began his career in 1958.
Have you ever wondered how wealthy Red McCombs is right now, in the middle of 2016? Red McCombs’ net worth has been reported to be as high as $2 billion, according to credible sources, an amount gained through his outstanding business talents.
Red McCombs Net Worth $2 Billion
Red McCombs was raised in rural Texas, and his hair color earned him the moniker “Red.” Prior to joining the US Army, Red attended Southwestern University in Georgetown, Texas, where he played football as a lineman and receiver. McCombs studied at the University of Texas in Austin after completing his military service, but he did not graduate and instead went into sales. He worked as a salesperson for George Jones Ford in Corpus Christi until 1958, when he paired up with colleague Austin Hemphill and relocated to San Antonio to start their own company.
The Hemphill-McCombs Ford Company, which subsequently became the Red McCombs Automotive Group, was created by the two. Starting in the early 1960s and his involvement in the energy industry, McCombs’ business acumen garnered him a lot of money. In Houston, he formed McCombs Energy, and in San Antonio, he bought the WOAI radio station in 1972. In the same year, Red entered the sports business, purchasing the American Basketball Association’s Dallas Chaparrals before relocating them to San Antonio and renaming them the Spurs.
Buying a basketball team and bringing the game to San Antonio was a big success, and it paid off for Red monetarily, especially after he sold his shares for a huge profit only a few years later. McCombs, however, was not content with that, and purchased the Denver Nuggets of the ABA and relocated them to the NBA.
He owned the Nuggets until 1985, when he was associated with the Spurs again before selling his majority interest to current San Antonio owner Peter Holt three years later. Red bought the Minnesota Vikings for $250 million in 1998, but after failing to develop a new stadium, he opted to sell it to Zygi Wilf in 2005. McCombs also contributed significantly to bringing the Formula One circus to Austin, Texas. In terms of his personal life, Red McCombs has been married to Charline Hamblin since 1950 and has three children with her.
McCombs, who is well-known for his charitable activities and overall philanthropy, has donated millions of dollars to a variety of organizations, including $30 million to the University of Texas M. D. Anderson Cancer Center in Houston in 2005. Because of his $50 million in funding, the business school at the same university was renamed the Red McCombs School of Business.
The McCombs Foundation has provided more than $118 to charity during the last decade or so, including minor donations. McCombs has received honorary degrees from Southwestern University, the University of Texas at San Antonio, and Texas Lutheran University for his humanitarian endeavors.
|Date Of Birth
||October 19, 1927
|Place Of Birth
||Spur, Texas, United States
||Business person, Entrepreneur
||Southwestern University, University of Texas at Austin
||Charline Hamblin McCombs
||Connie Mccombs Mcnab, Lynda McCombs, Marsha Mccombs Shields
||Gladys McCombs, Willie McCombs
||Mildred McCombs, Eugene McCombs, Wanda McCombs
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