Thomas O. Hicks, Texas Money Man Who Owned Three Sports Teams, Dies at 79

Early life and rise to prominence

Born in Dallas in 1946, Thomas O. Hicks built his fortune on a single principle: use leveraged buyouts to turn under‑performing assets into profit machines. By the late 1970s he had become one of Texas’ most aggressive financiers, earning a reputation for striking deals that left rivals either scrambling to keep up or watching from the sidelines.

Venturing into the sports world

In the early 1990s Hicks set his sights on the world of professional sports. His first acquisition was the Dallas Rangers, a struggling baseball franchise that he purchased for a modest sum and immediately re‑structured with new sponsorships and a revamped stadium plan. The move paid off, and the Rangers enjoyed a brief resurgence under his ownership.

Riding that success, Hicks turned his attention to hockey, buying the Texas Stars in 1995. He applied the same financial model—cutting costs, renegotiating player contracts, and leveraging media rights—to boost the team’s profitability. The Stars made the playoffs for the first time in a decade, earning Hicks praise from both fans and fellow investors.

Not content with staying domestic, Hicks crossed the Atlantic in 2001 to acquire a historic English soccer club, Westminster United. The purchase was heralded as a bold move, promising to inject American capital and business savvy into a storied but financially troubled organization.

The avalanche of debt

Despite early optimism, Hicks’ aggressive financing strategy soon began to backfire. Each acquisition relied heavily on high‑interest loans, and when revenue projections fell short—especially after the 2008 financial crisis—debt obligations ballooned. The Dallas Rangers and Texas Stars each faced mounting interest payments, while Westminster United struggled with currency fluctuations and declining ticket sales.

By 2012, creditors were demanding repayment, and Hicks was forced to sell the Rangers and the Stars at a loss. The final blow came in 2015 when Westminster United entered administration, ending Hicks’ brief but tumultuous tenure in European soccer.

Legacy and final years

Thomas O. Hicks passed away on December 3, 2025, at the age of 79. Though his sports ventures ended in financial ruin, many remember him as a visionary who dared to merge high‑stakes finance with the passion of professional athletics. His story serves as a cautionary tale about the limits of leverage, but also as a testament to the boldness required to chase big dreams.