Red McCombs Net Worth

Red McCombs net worth is
$2 Billion

Red McCombs Wiki Biography

Red McCombs was born Billy Joe McCombs on the 19th October 1927, in Spur, Dickens County, Texas USA, and is a business person and entrepreneur, best known as an owner of the Red McCombs Automotive Group in San Antonio, Texas, and former owner of the sports teams the Denver Nuggets, San Antonio Spurs, and Minnesota Vikings. McCombs’ career started in 1958.

Have you ever wondered how rich Red McCombs is, as of mid- 2016? According to authoritative sources, it has been estimated that Red McCombs’ net worth is as high as $2 billion, an amount earned through his successful entrepreneurial skills.

Red McCombs Net Worth $2 Billion

Red McCombs grew up in rural Texas, and got his nickname “Red” due to his hair color. Before joining the US Army, Red briefly went to the Southwestern University in Georgetown, Texas where he played lineman and receiver in the football team. After completing duty for his country, McCombs studied at the University of Texas at Austin, but didn’t graduate and went on to the sales business instead. He worked for George Jones Ford in Corpus Christi as a salesperson until 1958, when he teamed up with colleague Austin Hemphill and they moved to San Antonio to start up their own business.

The pair founded the Hemphill-McCombs Ford Company, which would later become the Red McCombs Automotive Group. McCombs’ nose for business earned him a lot of money, starting from the early ‘60s and his involvement in the energy industry. First, he founded McCombs Energy in Houston, and then in 1972 Red purchased the WOAI radio station in San Antonio. In the same year, Red entered the sports business and bought the Dallas Chaparrals of the American Basketball Association before moving them to San Antonio and renaming them the Spurs.

Buying a basketball team and bringing the game to San Antonio proved to be a huge hit, and paid off financially for Red, especially after he sold his shares for a massive profit only a couple of years later. However, McCombs didn’t want to stop there, and bought another ABA team, the Denver Nuggets and moved them into the NBA. He remained the owner of the Nuggets until 1985, and three years later he was again linked with the Spurs before eventually selling his controlling interest to the current San Antonio owner Peter Holt. In 1998, Red purchased the NFL team the Minnesota Vikings for a sum of $250 million, but failed to build a new stadium, so he decided to sell it to Zygi Wilf in 2005. McCombs also had a major financial part in bringing the Formula One circus to the city of Austin, Texas.

Regarding his personal life, Red McCombs has been married to Charline Hamblin since 1950 and the couple has three children.

Well known for his charity work and altruism in general, McCombs has donated millions of dollars to various institutions, including $30 million to the University of Texas’s M. D. Anderson Cancer Center in Houston in 2005. The business school at the same university was renamed to the Red McCombs School of Business because of his financial backing, also of $50 million. Over the course of the last decade or so, The McCombs Foundation has donated more than $118 to charity including small donations. In honour of his philanthropic work, McCombs has received honorary degrees from Southwestern University, the University of Texas at San Antonio, and Texas Lutheran University.



Known for movies