Tom Hicks, a prominent figure in sports real estate and former owner of several major sports teams, died on Saturday at the age of 79. Hicks was known for his role in advancing arena-anchored mixed-use developments, which combine sports complexes with offices, retail, and multifamily spaces.
Hicks made a significant mark in business through leveraged buyouts and notably worked with Bobby Haas to merge Dr. Pepper and 7Up. His business ventures extended into sports ownership, including the Dallas Stars from 1995 to 2011—during which the team won the Stanley Cup in 1999—and the Texas Rangers from 1998 to 2010. He also held a 50 percent stake in Liverpool Football Club between 2007 and 2010.
While owning the Stars, Hicks collaborated with Ross Perot Jr. to develop Victory Park and the American Airlines Center, which opened in 2001 as home to both the Stars and Dallas Mavericks. Perot told the Dallas Morning News, “That partnership we put together in the ’90s to build the arena… truly transformed the city.”
Victory Park is now part of an expanding area that will soon include a new Goldman Sachs campus as part of Hunt Realty’s NorthEnd development.
When Hicks bought the Texas Rangers, he also acquired surrounding land with intentions for similar mixed-use development; however, those plans did not materialize during his tenure. Both the Stars and Rangers filed for bankruptcy around the end of his ownerships.
Hicks and his wife Cinda owned Dallas’ Crespi Estate in Preston Hollow—a property originally built for Count Pio Crespi—which they expanded with additional guest and pool houses. The estate has been recognized among Texas’ most expensive listings.
Dallas Cowboys owner Jerry Jones expressed condolences: “Being shoulder to shoulder with him was always more than ballparks and stadiums, though. It was about personal respect, trust and friendship.”
