WASHINGTON — In 1996, Ross Perot Jr. bought a controlling stake in the Dallas Mavericks for $125 million.
The Republican Senate contest between Sen. John Cornyn and Attorney General Ken Paxton, as it turns out, is almost as expensive.
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Years later, Perot is part of a constellation of donors who have powered a GOP primary with a record-setting price tag. Over $120 million has been spent on advertising across the two rounds of the contest, including $21 million in the runoff, according to media tracking firm AdImpact. A network of campaigns, PACs and dark money groups have been spending for nearly a year to ensure their preferred candidate wins.
The Cornyn-Paxton race, set to conclude in a May 26 runoff election, has been shaped not only by intense vitriol between the two candidates, but also the eye-popping amounts of money that have put that acrimony on display to voters via millions worth of attack ads. Even before the runoff, the contest set a record for the most expensive primary in the country’s history.
Donors range from Wall Street billionaires to Texas CEOs to Washington insiders to small-dollar grassroots funders. Taken together, they have enabled both sides — particularly Cornyn — to inundate Texans’ television screens, social media feeds, radio stations and mailboxes with ads both promoting their preferred candidate and savaging the other.
Cornyn, who has an extensive donor network and relationships throughout Texas and Washington, has maintained a dominant financial position over Paxton. Last summer, pro-Cornyn groups spent mightily to reintroduce the senior senator to voters, boasting of his 99% voting record in line with President Donald Trump and his endorsements from law enforcement.
The primary also has featured an onslaught of dark money — funds spent by tax-exempt nonprofits that are not required to disclose their donors. And even some PACs, which do need to share who’s funding them, were funded exclusively or largely by dark money groups, making the source of millions of dollars’ worth of spending untraceable.
In the runoff, which has seen spending ramp up in the final weeks, the Cornyn faction has continued to outspend Paxton’s camp — though both have gone up with ample negative ads bashing their opponent.
Amid the spending barrage, The Texas Tribune has laid out the nexus of outside groups and key donors powering both sides’ efforts to tilt the election in their favor. The topline fundraising and spending numbers come from Federal Election Commission records, most of which cover activity through May 6. To provide a nearly up-to-the-minute view of the spending, including future ad reservations, we included data from AdImpact, a media tracking firm that tallies political spending on TV, radio and digital advertising.
The pro-Cornyn groups
Cornyn’s campaign
- Texans for Senator John Cornyn Inc. (main campaign account)
- Cornyn Lonestar Victory Fund (joint fundraising committee)
- Cornyn Victory Committee (joint fundraising committee)
Campaign finance:
- Amount r aised this cycle, per FEC records: $26.5M
- Amount spent this cycle , per FEC records : $23.4M
- Total ad spending, per AdImpact: $24.1M
- Runoff-only ad spending, per AdImpact: $6.4M
Most of Cornyn’s spending has come from his joint fundraising committees, a relatively novel strategy that seizes on new rules allowing JFCs to buy ad time at the cheaper rates reserved for candidates. Through three vehicles — his campaign account, and two committees that raise jointly with groups including the National Republican Senatorial Committee — he has far outraised Paxton in hard dollars.
Donors are capped at giving up to $3,500 per election, per candidate, to these accounts. Dozens of donors have maxed out at the same amount, so we’re highlighting some notable ones here.
Notable donors
Former President George W. Bush
Cornyn served as Texas attorney general during the tailend of Bush’s tenure as governor, with each having flipped the offices from Democratic control. Cornyn was then elected to the Senate in 2002, during Bush’s presidency. The former president has been relatively mum about Republican politics, in Texas or otherwise, since leaving office, though he notably left his ballot blank in the 2016 presidential race. His $5,000 donation to Cornyn was his first political donation to a federal candidate in Texas since the 2022 cycle. That year, he also donated $125,000 to his nephew, George P. Bush, who challenged Paxton in the attorney general primary and lost in a runoff.
Rupert Murdoch
A right-wing media mogul and longtime chairman of the News Corp and Fox Corp empires, Murdoch gave Cornyn $200,000 on New Year’s Eve. Murdoch is a frequent donor to Republican candidates. Cornyn has appeared regularly on Fox News programming over the course of his career.
Ross Jr. and Sarah Perot
The Perots have given hundreds of thousands of dollars to Cornyn’s various campaign committees. Perot Jr., the son of billionaire and third-party presidential candidate Ross Perot, chairs the Perot Companies and is an active donor in Dallas and national Republican circles. He initially supported Nikki Haley in the 2024 presidential primary, but pivoted to Trump, ultimately giving pro-Trump PACs hundreds of thousands in donations. Perot was named board chair of the U.S. Chamber of Commerce last year.
Texans for a Conservative Majority
Super PAC
Campaign finance:
- Raised, per FEC: $35.6M
- Spent, per FEC: $32.8M
- Ad spending, per AdImpact: $32.9M
- Runoff-only ad spending, per AdImpact: $9.5M
The top pro-Cornyn super PAC has been the biggest spender in the Republican contest this cycle. Texans for a Conservative Majority has close ties to Trump’s inner circle through Chris LaCivita, a senior adviser who was a top aide on Trump’s 2024 campaign. The PAC has made multiple seven-figure ad buys and hammered Paxton in recent ads over his ethical baggage and tenure as attorney general.
Top donors
Ohio Works Inc. + America Works Fund Inc.: $8.6M
Ohio Works is a 501(c)(4) group — better known as a dark money group — which does not have to disclose its donors. It is also one of the biggest mysteries of the cycle. The group spent millions in the 2024 cycle opposing an Ohio ballot measure that would have had a citizen commission draw the state’s redistricting maps. It also spent in the presidential race on behalf of Trump and against Democrat Kamala Harris. The group had to disclose donors in 2024 under Ohio law, revealing that it was funded at the time by oil and gas-linked groups, Republican leaders in Washington and one Texan — Dallas billionaire Kenneth Fisher. In late 2025, Ohio Works amended its name to America Works Fund. Registered at the same address, America Works made a $3 million donation to the pro-Cornyn super PAC in May.
John Nau III: $7.9M
The Houstonian Nau was the longtime chairman and CEO of Silver Eagle Beverages, a beer distributor. A prolific donor to Texas Republicans, Nau has served as the treasurer of Gov. Greg Abbott’s gubernatorial campaigns. He has tended to bankroll establishment Texas Republicans over the years in primaries against hardline primary opponents.
Stephen Schwarzman: $1.5M
Schwarzman is the billionaire CEO of Blackstone, a private equity firm that is the world’s biggest asset manager. He has been a megadonor to Republican candidates for decades, including in 2024, when he was one of the largest donors in Republican politics. He provided strategic economic advice to Trump as part of a business council during his first term.
Other notable donors
Jim and Robson Walton: $1M
The Walton brothers, Arkansas billionaire heirs to the Walmart fortune, each gave $500,000 to the PAC. This donation is Rob Walton’s largest of the cycle so far.
Sen. Pete Ricketts, R-Nebraska: $300,000
Ricketts is facing his own reelection bid, likely against independent Dan Osborne, in Nebraska. But the self-funded senator, whose father founded TD Ameritrade and whose family owns the Chicago Cubs, has helped his colleague out with six-figure donations. Ricketts’ father, Joe, kicked in another $100,000.
Harlan Crow: $100,000
A Dallas real estate developer, Crow is a cofounder of the conservative Club for Growth and major donor to Republicans. He’s come under scrutiny in recent years for the pricey gifts he’s given Supreme Court Justice Clarence Thomas. In 2023, Cornyn walked out of a Senate Judiciary Committee meeting in which Democrats sought to subpoena Crow for records related to his relationship with Thomas, calling it an “outrageous attempt to target private citizens.”
Lone Star Freedom Project
501(c)(4)
Campaign finance:
- Ad spending, per AdImpact: $17.4M
- Runoff-only ad spending, per AdImpact: $0
Lone Star Freedom Project is a tax-exempt 501(c)(4) organization, meaning it does not need to disclose its donors. The political nonprofit, chaired by former Gov. Rick Perry, lists a number of standard Republican priorities in its mission, including keeping Texas red. To that end, Perry pledged in February to spend “whatever we need” to help Cornyn — a vow that has not translated into any TV, digital or radio ad spending during the runoff.
The group’s founders include former Agriculture Commissioner and Comptroller Susan Combs, Department of Justice alum Claire Brickman — the wife of Blake Brickman, one of Paxton’s former aides who reported him to the FBI for alleged wrongdoing — and retired Navy Seal Marcus Luttrell.
One Nation
501(c)(4)
Campaign finance:
- Ad spending, per AdImpact: $10.8M
- Runoff-only ad spending, per AdImpact: $0
OneNation is one of the major spending arms of Senate Majority Leader John Thune’s political operation. It’s a dark money group affiliated with Senate Leadership Fund, the main outside group tied to Senate Republican leadership.
The Washington cavalry came in for Cornyn over the summer in the form of a $10.8 million positive ad campaign from One Nation. While SLF has continued to back Cornyn, its ad blitz started in June 2025 and ended that September.
Conservative Texans PAC
Super PAC funded via 501(c)(4) money
Campaign finance:
- Raised, per FEC: $5M
- Spent, per FEC: $5M
- Ad spending, per AdImpact: $7.8M
- Runoff-only ad spending, per AdImpact: $0
Conservative Texans PAC spent millions opposing a third candidate, Rep. Wesley Hunt, during the first round of the primary. It has since pivoted to sending pro-Cornyn text messages. The group’s structure highlights one of the challenges with donor transparency — it’s a PAC whose funding comes from another PAC seeded with dark money, making it impossible to glean who’s paying. The group shares a treasurer with MAGA Inc., the biggest pro-Trump super PAC. It filed a termination report in mid-May and has not reported any ad spending during the runoff.
Top donors
Conservative Americans PAC: $5M
All of Conservative Texans PAC’s money came from a separate PAC, which itself is entirely funded by a Virginia dark money group called American Prosperity Alliance. The nonprofit was founded in 2022 to oppose the Inflation Reduction Act, a Democratic megabill passed under President Joe Biden addressing climate and healthcare. Politico reported in 2024 that the American Prosperity Alliance has ties to former Republican Speaker Kevin McCarthy.
The Pro-Paxton groups
Paxton’s campaign
- Ken Paxton for Senate (main campaign account)
- Ken Paxton Victory Fund (joint fundraising committee )
Campaign finance:
- Raised, per FEC: $8.1M
- Spent, per FEC: $5.3M
- Ad spending, per AdImpact: $4.8M
- Runoff-only ad spending, per AdImpact: $2.5M
In the lead-up to his Senate campaign launch last year, Paxton said he thought he could beat Cornyn if he raised $20 million. The attorney general is well short of that goal, even after opening a joint fundraising committee to raise funds concurrently with the PAC that supports him. Paxton’s fundraising highlights the challenge of transitioning from state elections in Texas, where there are no campaign contribution limits, to federal ones where there are hard limits.
Notable donors
Michael Rydin
The retired Houston software developer, a major funder for right-wing movements, gave Paxton $17,000. Rydin helped seed the Conservative Partnership Institute, a hub for right-wing organizing that regularly hosts the House Freedom Caucus at its headquarters. He has given over $1 million to the Freedom Caucus Fund, the caucus’ political arm, this cycle.
Darwin and Doug Deason
Darwin, the late information technology billionaire, and his son, Doug, have been massive Republican donors and contributors to Paxton over the years. Darwin, who died in December 2025, gave the maximum of $7,000 to Paxton’s campaign earlier in the year, as did Doug. The pair have a long history of donating to Texas Republicans, including Perry and Sen. Ted Cruz. Both have given to the pro-Paxton super PAC this cycle too.
Phillip Huffines
Huffines, a Dallas developer and brother of GOP comptroller nominee Don Huffines, gave Paxton $7,000. Phillip Huffines previously lost his 2018 bid for a state Senate seat against Paxton’s wife, Angela Paxton, who continues to serve in the upper chamber.
Lone Star Liberty PAC
Super PAC
Campaign finance:
- Raised, per FEC: $8.2M
- Spent, per FEC: $6.2M
- Ad spending, per AdImpact: $4.2M
- Runoff-only ad spending, per AdImpact: $2.1M
Lone Star Liberty PAC is the main super PAC supporting Paxton. The group has spent on ads in both Texas and in South Florida to attempt to target Trump. And it hosted rallies and events that Paxton spoke at shortly before the March primary.
Top donors
Jonathan Knutz: $1.1M
Knutz is the CEO of a medical device company in Houston. This election cycle, he has also donated to Aaron Reitz, Paxton’s former top aide who he unsuccessfully endorsed to replace him as attorney general, and Senate District 9 Republican candidate Leigh Wambsganss, who lost a special election in January. Knutz has donated to more MAGA-aligned members of Congress, including Texas GOP Reps. Lance Gooden, Brandon Gill and Ronny Jackson.
Preserve Texas Inc.: $950,000
This Virginia-based dark money group was formed shortly after Paxton launched his Senate bid.
Douglas Scharbauer: $750,000
Scharbauer, a Midland oilman, comes from a prominent horse breeding and racing family in North Texas. He’s a longtime supporter of Paxton, having previously donated six-figure sums to the attorney general on multiple occasions. This cycle, Scharbauer has also given small sums to Hellfire PAC — Hunt’s leadership PAC — and maxed out to Cornyn’s campaign account with a $7,000 donation.
Other notable donors
Gary Heavin: $500,000
Heavin is a Waco area-based businessman and founder of the Curves fitness chain. An anti-abortion advocate, Heavin is a significant donor to conservative and Christian causes. Heavin was Paxton’s top donor in his first fundraising report after his 2023 impeachment, giving the attorney general $500,000 at the time.
Chelsey Milton: $500,000
Milton, an Arizona homemaker, is a Trump donor whose husband was pardoned last year by the president. Trevor Milton, who gave Paxton an additional $100,000, was previously the CEO of an electric vehicle manufacturing company. In 2022, he was found guilty of securities fraud and wire fraud in federal court and sentenced to four years in prison. The couple donated more than $1.8 million to a pro-Trump group; Trump pardoned Trevor Milton in early 2025.
Two Toads LLC / SSC Inc. / Baloney Feathers LTD: $300,000
These mysterious groups each gave $100,000 to the PAC on March 17. Each is registered to the same PO Box address in Lubbock, and none have made any political contributions beyond Lone Star Liberty PAC. SSC Inc. has registered oil and gas leases. The PO Box is also the address of a company owned by Johnny McDonald, who has donated $13,500 to Paxton’s campaign and $100,000 to Lone Star Liberty PAC.
Robert Marling: $225,000
Marling, a banking CEO in Montgomery County, has already had success ousting a Republican incumbent this cycle after he seeded a super PAC backing state Rep. Steve Toth’s victorious primary campaign against U.S. Rep. Dan Crenshaw. Marling is a longtime Cruz donor as well.
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