San Antonio businessman Red McCombs and his wife have given a $50 million cash gift to the business school of the University of Texas at Austin, in the largest single donation in school history.
The gift, part of a seven-year, $1 billion capital campaign that began in 1997, brings the total amount raised to $590 million.
The business school, which will be re-named the Red McCombs School of Business, is ranked 16th in the U.S. among MBA programs and 5th in among BBA programs.
The McCombs gift will be used to recruit and retain top faculty, improve facilities, support student-managed investment funds, and provide scholarships and fellowships.
McCombs attended UT-Austin in the late 1940s as a business administration student and has become a legend in Texas business. He co-founded Clear Channel Communications, which owns 800 radio stations across the United States.
He also owns the Minnesota Vikings, has owned the San Antonio Spurs twice and has other business interests including car dealerships, oil, ranching and real estate.
McCombs also has given donations to Southwestern University and is chair of their capital campaign.
In 1997, he gave UT-Austin women’s athletics its largest-ever donation of $3 million.