Red McCombs’ Impressive Net Worth

Red McCombs’ net worth is
$2 Billion

Red McCombs: A Brief Biography

Born as Billy Joe McCombs on October 19, 1927, in Spur, Dickens County, Texas, Red McCombs has established himself as a successful businessperson and entrepreneur. He is widely recognized as the owner of the Red McCombs Automotive Group, based in San Antonio, Texas, and has also held ownership of notable sports teams such as the Denver Nuggets, San Antonio Spurs, and Minnesota Vikings. McCombs’ illustrious career commenced in 1958.

If you’ve ever been curious about Red McCombs’ wealth as of the mid-2016, authoritative sources estimate his net worth to be an impressive $2 billion, a testament to his entrepreneurial prowess.

Red McCombs’ Net Worth: $2 Billion

Growing up in rural Texas, Red earned his nickname “Red” due to his distinctive hair color. Prior to serving in the US Army, he briefly attended Southwestern University in Georgetown, Texas, where he was an active member of the football team as a lineman and receiver. Following his military service, McCombs pursued studies at the University of Texas at Austin, ultimately transitioning into the field of sales without completing his degree. His career kicked off as a salesperson at George Jones Ford in Corpus Christi, until 1958 when he, alongside colleague Austin Hemphill, ventured to San Antonio to establish their own business.

Their joint endeavor, the Hemphill-McCombs Ford Company, later evolved into the renowned Red McCombs Automotive Group. Possessing astute business acumen, McCombs amassed significant wealth, particularly in the early 1960s through his involvement in the energy industry. He founded McCombs Energy in Houston and subsequently acquired the WOAI radio station in San Antonio in 1972. That same year, he made a foray into the sports realm, purchasing the Dallas Chaparrals of the American Basketball Association and relocating them to San Antonio, rebranding them as the Spurs.

His acquisition of a basketball team and introduction of the sport to San Antonio proved to be immensely successful, yielding substantial financial gains when he eventually sold his shares for a sizable profit just a few years later. Undeterred, McCombs proceeded to acquire another ABA team, the Denver Nuggets, and transitioned them to the NBA. He retained ownership of the Nuggets until 1985, and a few years later, he once again became associated with the Spurs before eventually divesting his controlling interest to the current owner, Peter Holt. In 1998, he made a significant investment by purchasing the NFL team, the Minnesota Vikings, for a sum of $250 million. However, after failing to construct a new stadium, he opted to sell the team to Zygi Wilf in 2005. McCombs also played a major role in bringing the Formula One racing event to Austin, Texas.

On the personal front, Red McCombs has been married to Charline Hamblin since 1950, and the couple has three children.

McCombs is well regarded for his philanthropy and altruism, having generously donated millions of dollars to various institutions. His contributions include a $30 million donation to the University of Texas’s M. D. Anderson Cancer Center in Houston in 2005. Additionally, the business school at the same university was renamed the Red McCombs School of Business in recognition of his financial support, amounting to $50 million. Over the past decade, The McCombs Foundation has contributed over $118 million to charitable causes, encompassing numerous smaller donations. In honor of his philanthropic endeavors, McCombs has received honorary degrees from Southwestern University, the University of Texas at San Antonio, and Texas Lutheran University.



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