Tom Hicks

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Lore & Background

Hicks co-founded Hicks, Muse, Tate & Furst, previously owned 50% of Liverpool F.C., and was chairman of Hicks Holdings LLC, which owns and operates Hicks Sports Group, the company that formerly owned the Texas Rangers, Dallas Stars, and Mesquite Championship Rodeo. In 2010, Hicks sold the Rangers and Liverpool to satisfy his creditors, and the Stars went into bankruptcy the following year.

In Their Own Story

Tensions mounted between the front office and creditors as financial obligations loomed. In late 2009, discussions arose regarding the signing of first-round pick Matt Purke; Hicks told the media the Rangers were not willing to pay the family's $6 million demand, denying any MLB interference. Conversely, Nolan Ryan later stated that MLB strictly overseeing the budget prevented the team from offering the agreed-upon bonus. As lenders owed over $500 million vocally objected to a sale deal with Greenberg and Ryan, accusing Hicks of rejecting a superior offer from Jim Crane, emails revealed HSG attorneys were still negotiating with Dennis Crane while claiming MLB prohibited them from talking to anyone else. The situation escalated until May 24, 2010, when Hicks Sports Group filed for Chapter 11 bankruptcy to expedite the sale before the trade deadline. Even in bankruptcy, Alex Rodriguez emerged as the largest unsecured creditor, owed nearly $25 million in deferred payments despite being traded six years earlier.

Reader's Guide

Hicks bought the Texas Rangers in June 1998 from a group managed by George W. Bush. Under his ownership, the Rangers won the American League West in 1998 and 1999 but never a World Series. He signed Alex Rodriguez to a ten-year, $252 million contract in December 2000, later calling it one of his biggest regrets. The Rangers also signed Chan Ho Park to a $65 million contract after the 2001 season, which proved disastrous. Hicks agreed to sell the Rangers in January 2010 to a group led by Chuck Greenberg and Nolan Ryan, with Hicks as a minority shareholder. The sale faced hurdles, including lender objections and lawsuits over adjacent land. On May 24, 2010, Hicks Sports Group filed for Chapter 11 bankruptcy to expedite the sale.

Did You Know?

• Hicks co-founded the investment firm Hicks & Haas in 1984, which bought Dr Pepper and 7 Up in the mid-1980s.
• He helped create the University of Texas Investment Management Company (UTIMCO) with then-Governor George W. Bush.
• Hicks was a member of the political action committee for Rudy Giuliani's 2008 presidential campaign.
• Alex Rodriguez was the largest unsecured creditor in the Rangers' bankruptcy, owed nearly $25 million.