AUSTIN, Texas, (May 2018) – Iconic entrepreneur Red McCombs, founder of Clear Channel Communications and former owner of the San Antonio Spurs, has bought back Propel Financial Services LLC, a company he started more than a decade ago from the Austin-based Prophet Capital Asset Management LP.
Propel was started in 2007 by McCombs and Jack Nelson, in effort to provide Texas property owners tax relief in a state where property tax debt has been skyrocketing. Since the business’ inception, over 50,000 property owners throughout the state have used their services. In 2012, Encore Capital Group purchased Propel for $187 million, according to the Business Journal.
Now, after having spent six years away from the tax services industry, McCombs decision to return was governed by his passion for Texans and his ability to get them out of the cycle of property tax debt. In the last few years, Propel has expanded their services to 23 other states.
With the company's commitment to core values, and consumer peace of mind, Propel has already funded over $600 million in property taxes in 170 counties across Texas.
“This is one of my babies that I intend to grow into a very competitive financial services company,” McCombs told the Business Journal. “I think we can grow the business by 25 percent to 50 percent year over year. … In two to three years, it will be a $100 million business.”