Businessman and Sports Real Estate Visionary Tom Hicks Dies at 79
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Prominent Dallas-based investor and former sports franchise owner Thomas O. Hicks died on Saturday at the age of 79, leaving a storied legacy steeped in D-FW’s real estate and business scene.
A master of the leveraged buyout, Hicks got his start in corporate lending before embarking on a successful career in private equity. He made waves by acquiring Dr Pepper and 7Up and revitalizing both brands, translating the acquisitions into a lucrative public offering. He also oversaw a spree of deals involving consumer products, broadcasting, and telecommunications.
It was at the intersection of sports and real estate, however, that he left his indelible mark on the Metroplex. Hicks parlayed his success in private equity into professional sports ownership, buying the Dallas Stars in 1995 and the Texas Rangers in 1998. He also went on to buy half of the English Premier League’s Liver Pool F.C.
During his tenure as a sports team owner, he made big real estate moves. Some paid off, and some failed to materialize. Regardless, he was a real player in the Metroplex and will be remembered for his contributions to Dallas and the wider D-FW.
Before surveying some of his sports and real estate ventures, take a couple of minutes to explore the residential. Hicks and his wife Cinda previously lived at the former Crespi Estate, and CandysDirt.com got a tour.
American Airlines Center and Victory Park
As owner of the Stars and a founding partner of Hicks Holdings LLC, Hicks played an important role in getting American Airlines Center built. The Stars and the Mavericks moved into the venue from Reunion Arena in 2001. He also partnered with Hillwood Development to build Victory Park, which was envisioned as a mixed-use urban district comprising residential, retail, and office space anchored by AAC.
Once a railyard and power plant, Victory Park is now home to thousands of residents, and it is one of the city’s top nightlife revenue generators.
Hicks sold the Stars in 2011.
Fusing Sports and Real Estate
When Hicks bought the Rangers, he didn’t just acquire an MLB team and its stadium. He also came to own the 270 acres of land surrounding The Ballpark in Arlington, or Globe Life Park as it’s currently known.
He had some big plans for that space and the area around Dr Pepper Ballpark (now Riders Field) in Frisco. Like he did in Dallas, Hicks hoped to leverage the draw of sports venues to develop significant mixed-use projects, blending arenas with some new urban fabric. Unfortunately, his Glorypark (Arlington) and Champions Park (Frisco) development plans were upended due to financing issues.
Hicks sold the Rangers in 2010. The land around it has since been developed into the TexasLive! district.
Nevertheless, the current owners of the Stars and Mavericks seem to have the same idea. Their respective efforts to secure new facilities where they can control the surrounding real estate to generate revenue year-round might as well be right out of Hicks’ playbook.
Giving Back and Building Bridges
Hicks was an active philanthropist, contributing to civic, educational, and cultural initiatives at the local level. An elementary school is named for him in Frisco after he donated the land for the school. He also paid for a gymnasium at St. Mark’s School of Texas in Dallas.
Perhaps most notably, he was a major contributor to the Margaret Hunt Hill Bridge and donated to local universities and healthcare institutions. While his business ventures often drew headlines for their scale and risk, his charitable efforts left quite a mark on the D-FW.
