In addition to his previous ownership of the San Antonio Spurs, Red McCombs co-founded one of the most successful broadcasting companies in the U.S., Clear Channel Communications, which was later sold and and rebranded as iHeart Radio. He was also a major benefactor to the University of Texas at Austin, where the business school bears his name, and was involved in many Austin-area deals over his lengthy career, including investing in the Circuit of The Americas Formula One race track.