Tom Hicks, Sports Entrepreneur and Private Equity Pioneer, Dies at 79
Tom Hicks, the Texas businessman and philanthropist who profoundly impacted the world of professional sports as an owner of the Dallas Stars, Texas Rangers, and Liverpool Football Club, has died. He passed away peacefully on Saturday in Dallas, surrounded by family, at the age of 79, according to a statement released by spokesperson Lisa LeMaster.
Hicks’s influence extended beyond the playing field, establishing him as a significant figure in private equity and reshaping investment strategies. He co-founded Hicks & Haas in 1984 and Hicks, Muse, Tate & Furst in 1989, leaving an indelible mark on the financial landscape.
A Legacy in Dallas: Stars and Rangers
Hicks first entered the world of professional sports in 1995, acquiring the NHL’s Dallas Stars. Under his ownership, the Stars achieved unprecedented success, becoming the first team from the Sun Belt to win the Stanley Cup in 1999, defeating the Buffalo Sabres in Game 6. The team would return to the Stanley Cup Final the following year, falling to the New Jersey Devils in a six-game series. A key acquisition during this period was Brett Hull, whom Hicks signed to a $17 million, three-year contract after the forward had been an All-Star in seven of his previous eleven seasons with the St. Louis Blues.
In 1998, Hicks added Major League Baseball’s Texas Rangers to his portfolio. During his tenure, the Rangers won three American West Division titles and, notably, reached their first World Series appearance in October 2010 – just months after the team was sold to an ownership group including Hall of Fame pitcher Nolan Ryan. The sale followed a contentious bankruptcy case after an initial agreement to sell the team earlier in the year.
One of Hicks’s most memorable moments with the Rangers came in 1998, when the team signed Alex Rodriguez, then a 25-year-old All-Star shortstop, to a groundbreaking $252 million, 10-year contract. At the time, the deal surpassed the previous record for a sports contract – a $126 million, six-year agreement between the Minnesota Timberwolves and forward Kevin Garnett – and was even $2 million more than Hicks had originally paid for the entire Rangers franchise just 2 1/2 years prior. While Rodriguez excelled individually, leading the American League in home runs for three seasons with the Rangers, the team’s overall record during his tenure was 216-270 before he was traded to the New York Yankees in 2004.
International Expansion and Later Years
Hicks’s ambitions extended beyond North American sports. In 2007, he acquired a 50% stake in Liverpool Football Club, a prominent English Premier League soccer team.
Both the Stars and the Rangers faced financial difficulties during Hicks’s ownership, ultimately leading to bankruptcy proceedings. The Stars were later acquired by Canadian businessman Tom Gaglardi in 2011, while the Rangers were sold to the group led by Ryan in August 2010. Despite these challenges, the Stars lauded Hicks’s contributions, emphasizing his role in developing the American Airlines Center and fostering the growth of hockey through the creation of numerous StarCenter facilities. “Our franchise would not be in the position we are today without the ownership of Mr. Hicks,” the team stated.
A Life Beyond Sports
Beyond his sports ventures, Hicks served his country as a paratrooper in the Army Reserves and held the position of Commissioner of the American Battle Monuments Commission. He also contributed to higher education, serving on the University of Texas’s Board of Regents from 1994 to 1999.
Fellow Texas businessman Ross Perot Jr. described Hicks as “an innovative businessman and a pioneer in private equity,” adding that he “combined his commitment to business and sports through his ownership of the Stars and the Rangers.” Dallas Cowboys owner Jerry Jones echoed this sentiment, stating, “Being shoulder to shoulder with him was always about more than ballparks and stadiums… It was about personal respect, trust and friendship.”
Tom Hicks is survived by his wife of 35 years, Cinda Cree Hicks, and his six children: Thomas Ollis Hicks Jr., Mack Hardin Hicks, John Alexander Hicks, Robert Bradley Hicks, William Cree Hicks, and Catherine Forgrave Hicks. In a joint statement, his children remembered him as a devoted father, stating, “Of everything he accomplished in his remarkable life, Tom Hicks’s most cherished title was, ‘Dad.’” The Texas Rangers also released a statement, describing Hicks as “a passionate and competitive owner and Texas Rangers fan.” His legacy as a sports entrepreneur, philanthropist, and businessman will be remembered for decades to come.
