Tom Hicks, a prominent figure in sports real estate and business, died on Saturday at the age of 79. Hicks was known for his role in popularizing mixed-use developments anchored by sports venues, particularly in Dallas.
Hicks gained recognition early in his career through leveraged buyouts and made a significant mark when he and Bobby Haas facilitated the merger of Dr. Pepper and 7Up. This success led him into sports ownership, where he acquired the Dallas Stars hockey team from 1995 to 2011. Under his ownership, the Stars won the Stanley Cup in 1999. He also owned the Texas Rangers baseball team from 1998 to 2010 and held a 50 percent stake in Liverpool Football Club between 2007 and 2010.
A key moment in Hicks’ career was his partnership with Ross Perot Jr., which resulted in the development of Victory Park across Woodall Rogers Freeway from downtown Dallas. The American Airlines Center, opened in 2001 as part of this project, serves as home to both the Dallas Stars and Dallas Mavericks basketball team. “That partnership we put together in the ’90s to build the arena… truly transformed the city,” Perot told the Dallas Morning News.
Victory Park has since evolved into an important business district and will soon house Goldman Sachs’ new campus as part of Hunt Realty’s NorthEnd development.
When Hicks purchased the Texas Rangers, he also acquired over 270 acres surrounding The Ballpark in Arlington with plans for another mixed-use development; however, those plans were not realized during his tenure. Both teams filed for bankruptcy—Rangers in 2010 and Stars in 2011—and were subsequently sold at auction.
Beyond sports, Hicks and his wife Cinda owned Crespi Estate in Preston Hollow, one of Texas’ most notable residential properties built originally for Italian Count Pio Crespi. The couple expanded it with additional guest accommodations. The estate has remained among Texas’ highest-priced listings over time.
Dallas Cowboys owner Jerry Jones expressed condolences after Hicks’ death: “Being shoulder to shoulder with him was always more than ballparks and stadiums, though. It was about personal respect, trust and friendship.”
