Red McCombs, Billionaire Namesake Of Texas-Austin B-School, Dead At 95

Red McCombs, the Texas billionaire whose massive gift to the University of Texas in 2000 transformed the business school that would subsequently bear his name, died February 19. The founder of the Red McCombs Automotive Group and former owner of the NBA’s San Antonio Spurs and the NFL’s Minnesota Vikings was 95.

McCombs’ $50 million gift to UT 23 years ago “pushed the school onto the national and international stage,” according to an obituary in UT News. It was the largest donation in UT history at the time; McCombs once referred to the gift as “truly the defining moment of my life” aside from his family.

“It is no understatement to say Red was larger than life — in business, in the community, to his family, to his beloved University of Texas, and to our McCombs School of Business,” Lillian Mills, dean of the McCombs School of Business, said in a statement on the McCombs School website. “Red McCombs was a key catalyst in raising Texas McCombs’ stature from that of a top regional school to one of the highest-impact public research business schools in the nation. We are honored that Red and his family have been such integral partners in our shared mission of creating the next generation of business leaders.”

A GREAT AMERICAN — AND TEXAN — SUCCESS STORY

Red McCombs attended Texas-Austin in the late 1940s as a business administration student. In the 1950s, he rose from a car salesman at a Ford dealership in Corpus Christi to become the owner of hundreds of businesses across the energy, automotive, sports, and real estate sectors. In 2022, Forbes listed him among the world's richest men with an estimated net worth of $1.7 billion.

McCombs' 2000 gift enabled Texas-Austin's B-school to significantly grow its faculty and resources for grants and research; it also boosted the school in recruiting top talent for its graduate programs. The McCombs School's MBA program is currently 18th in Poets&Quants' aggregate ranking, up from 20th the previous year, as well as 18th in both U.S. News and Forbes and 19th in Businessweek.

“The whole academic family at Red McCombs School of Business grieves his loss with his family and the San Antonio community,” Dean Mills said. “His gift and support to Texas McCombs have transformed the lives of students, faculty, businesses and society. We will carry forward his legacy into our second century, driven to serve and focused on making a difference.”

Added UT President Jay Hartzell: “We are saddened by the loss of Red McCombs, a true pioneer and legendary Longhorn, and extend our heartfelt condolences to his family. From the business school that bears his name, to our athletics and student success programs, his entrepreneurial spirit, drive to win and commitment to excellence are reflected across the Forty Acres. His legacy of generosity will forever impact the lives of countless students who find inspiration in his story and go on to change the world.”

FULL STATEMENT BY McCOMBS DEAN LILIAN MILLS ON THE PASSING OF RED McCOMBS

It is with deep sadness that I share the news that our school’s namesake, Red McCombs, has passed away at the age of 95.

It is no understatement to say Red was larger than life – in business, in the community, to his family, to his beloved University of Texas, and to our McCombs School of Business. Red McCombs was a key catalyst in raising Texas McCombs’ stature from that of a top regional school to one of the highest-impact public research business schools in the nation. We are honored that Red and his family have been such integral partners in our shared mission of creating the next generation of business leaders.

Nearly 23 years ago, Red made a transformative gift that, in his words, “aside from my family … was truly the defining moment of my life.” It defined our school, too. With his gift, we attracted matching gifts to endow transformation-supporting endowments for faculty and students. The resulting chairs, professorships, and excellence funds helped us recruit and retain star-quality faculty members and provide them with more resources and grants. The resulting scholarship endowments enabled the school to attract top students and offer income-based scholarships. As our faculty and student quality rose, more corporations came knocking on our doors to hire our graduates and deepen their ties with our school.

A beautiful portrait of Red hangs in my office, and at my appointment as dean, I asked Red to bless my work. In my last visit with Red, he was frail, but his Longhorn affection was strong. I will remember him always with “horns up!”

Red strongly believed that business is at the core of society, that in everything we do, there is some element of planning, fundraising, financing, and operating. In making his gift to Texas McCombs, he was making a business investment in all of us. As we execute our strategic plan with its focus on people, place, and pursuits, we can all be inspired by Red and know that we are continuing his proud investment.

With my own horns up for Red,

Lil

DON'T MISS FIVE YEARS & $150 MILLION LATER, WHAT A MEGA-BUSINESS SCHOOL GIFT CAN DO and DARDEN LANDS $44 MILLION GIFT FROM A GRATEFUL ALUM