Influential Dallas Investor Tom Hicks Dies At 79
Hicks Holdings Chairman and CEO Tom Hicks, a prominent Dallas businessman who helped develop the American Airlines Center, died Saturday surrounded by his family. A cause of death was not disclosed. He was 79.
In addition to his business acumen, Hicks was a passionate sports fan who was owner and chairman of the Dallas Stars from 1995 to 2011 and the Texas Rangers from 1998 to 2010. In 2007, he acquired a 50% stake in Liverpool FC of the English Premier League.
After acquiring the Stars, Hicks was instrumental in the development and planning of the American Airlines Center. The Stars and the Dallas Mavericks have been tenants at the arena since 2001.
He also teamed with Ross Perot Jr.’s Hillwood Development to build the mixed-use Victory Park entertainment district around the arena. It offers a variety of upscale restaurants and retail as well as office space and multifamily residences.
"Tom was dedicated to Dallas and, as a partner in the American Airlines Center, helped revitalize an important part of downtown," Perot said in a statement.
As part of his purchase of the Rangers in 1998, Hicks acquired 270 acres around The Ballpark in Arlington, now known as Choctaw Stadium. Large-scale mixed-use projects planned for the land never came to fruition during his ownership.
He also made significant contributions to the Santiago Calatrava-designed Margaret Hunt Hill Bridge over the Trinity River.
Hicks co-founded the investment firm Hicks & Haas in 1984 and was instrumental in the merger of Dr Pepper and 7UP. In 1989, he co-founded the private equity group Hicks, Muse, Tate & Furst and completed more than $50B of leveraged acquisitions.
"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,” his longtime friend and prominent Dallas businessman, Richard Fisher, said in a statement.
Current Stars owner and Chairman Tom Gaglardi said the franchise is one of the NHL's premier teams because of Hicks' prior ownership.
"From day one of my ownership, he was always willing to help me however he could," Gaglardi said in a statement. "His advice and insight were invaluable to me as a first-time owner of an NHL team."
In addition to Hicks' work with his family office, Hicks Holdings, he served on the board of directors of financial services firm Beneficient from 2019 until his death, according to his LinkedIn profile.
"Tom Hicks was an incredible man and a legend in the world of finance," Beneficient interim CEO James Silk said in a statement to Bisnow. "More importantly, for those of us who had the privilege of knowing him personally, he was an even better friend, father and husband. He will be deeply missed by all of us."
Hicks also supported educational initiatives throughout the region. He donated land for Tom Hicks Elementary in Lewisville ISD and was deeply involved with the University of Texas. He served on the university’s board of regents from 1994 to 1999 and helped establish UTIMCO, now the largest public university endowment in the country.
Hicks was a paratrooper in the U.S. Army Reserves and later served on the American Battle Monuments Commission.
He is survived by his wife, Cinda Cree Hicks, six children and 14 grandchildren.
