Tom Hicks, former owner of Stars, Rangers, dies at 79

Tom Hicks, a businessman and philanthropist who at one time owned two Dallas franchises, has died, his spokesperson announced.

DALLAS — Tom Hicks, a Dallas businessman who owned the Texas Rangers, Dallas Stars and an English Premier League soccer team, died Saturday at age 79. 

Hicks died peacefully in Dallas, surrounded by family, a spokesperson said in a press release Sunday. 

Hicks owned the Dallas Stars from 1995–2011. Under his ownership, the team won multiple division titles, two Presidents’ Trophies and the Stanley Cup in 1999. 

“Our franchise would not be in the position we are today without the ownership of Mr. Hicks,” the Dallas Stars said in a statement. “His legacy will be honored by our franchise for decades to come.”

He also owned the Texas Rangers from 1998–2010, leading them to three American League West Division titles and a World Series appearance. While he led the team, the Rangers located their Double-A team in a new stadium in Frisco and entered into a partnership for a spring training and baseball complex in Arizona. 

He hired General Manager Jon Daniels in 2005, manager Ron Washington in 2007, and President Nolan Ryan in 2008. 

“Mr. Hicks was a passionate and competitive owner and Texas Rangers fan,” the Texas Rangers said in a statement. “The club extends its thoughts and prayers to Mr. Hicks’ wife Cinda, his six children and his entire family as they mourn a legendary Texas businessman, philanthropist, and sportsman.”

In 2007, he acquired a 50% stake in the Premier League’s Liverpool. 

“Tom was a close friend and a great partner. He dreamed big and watching him bring the Stanley Cup here to Dallas was something that I will always cherish,” Dallas Cowboys owner Jerry Jones said in a statement. “Being shoulder to shoulder with him was always about more than ballparks and stadiums, though. It was about personal respect, trust and friendship. We shared a lot of miles together, and I’ll miss him greatly. My heart goes out to his family.”

Hicks reshaped the private equity and investing industry, the release states.  

Hicks co-founded Hicks & Haas in 1984, where he executed several landmark deals, including the Dr Pepper/7UP merger, the release states. He also founded Hicks, Muse, Tate & Furst in 1989.  His later venture, Hicks, Muse, Tate & Furst became one of the largest private equity platforms in its era, according to the press release. 

“Tom Hicks was a legend in finance who perfected the leveraged buyout and pioneered the ‘buy and build’ strategy by creating one of the world’s largest beverage companies,” Richard Fisher, a longtime friend and peer in Dallas’ business community, said. “Best of all, he was a devoted, constant friend who supported me with gusto when I ran for the U.S. Senate, even though we were from different parties. A man is measured by his affection for and unflinching support of family and friends. At this, Tom was a true champion.”

He also served on the University of Texas’s board of regents from 1994 to 1999. There, he helped establish UTIMCO, the largest public university endowment in the country, which he regarded as “one of the most meaningful contributions in his professional life,” the release states.

“Tom Hicks was an innovative businessman and a pioneer in private equity,” fellow Texas businessman Ross Perot Jr. said in a statement. “He combined his commitment to business and sports through his ownership of the Stars and the Rangers.

Beyond his ownership of two Dallas sports franchises, Hicks made several cultural and philanthropic contributions to the city of Dallas, the release states. He helped in the development and planning of the American Airlines Center, contributed significantly to the Margaret Hunt Hill Bridge, and supported education initiatives across North Texas, according to the release. 

He donated land for what would later become Tom Hicks Elementary in Lewisville ISD. 

Hicks served as a paratrooper in the Army Reserves and was Commissioner of the American Battle Monuments Commission, the Associated Press reported. 

He 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. His “greatest joy” was his fourteen grandchildren, the release states. 

“Of everything he accomplished in his remarkable life, Tom Hicks’s most cherished title was, ‘Dad,’ his children said in a joint statement. “No matter the trials and tribulations he faced in life, he was constant in his generosity and love for his family. He remains a guiding force for our family, and we are deeply honored to continue expanding his legacy. Although we are devastated by this loss, we are profoundly grateful to have been his children.”

Services are pending and additional information will be released when arrangements are finalized.