Ex-Rangers owner Tom Hicks dies at 79

Former Rangers owner Tom Hicks dies at 79

The Texas Rangers announced on Sunday morning that former owner Tom Hicks died at age 79. He owned the team from 1998 to 2010.

Here is a statement from the Rangers:

“Mr. Hicks was a passionate and competitive owner and Texas Rangers fan,” the statement read. “The club extends its thoughts and prayers to Mr. Hicks’ wife Cinda, his six children and his entire family as they mourn a legendary Texas businessman, philanthropist, and sportsman.“

Hicks was a private equity investor in Dallas. He made over $1 billion as part of a partnership that invested in 7 Up and Dr. Pepper and merged the two soft drink companies in the late 1980s.

Hicks entered the sports world when he purchased the Dallas Stars of the National Hockey League (NHL) in 1995. A few years later, Hicks bought the Texas Rangers from a group managed by future United States President George W. Bush. He also bought Liverpool F.C. in 2007.

To begin his tenure as the Rangers' owner, Hicks led the team to back-to-back American League West titles. After a poor 2000 season, Hicks signed Alex Rodriguez to a ten-year, $252 million contract, the largest contract in sports history at the time. Rodriguez was good as a Ranger, but the rest of the team struggled, missing the postseason in 2001, 2002 and 2003. Hicks then traded Rodriguez to the New York Yankees for Alfonso Soriano and Joaquin Arias during the 2003-04 offseason. Texas still paid a portion ($67 million) of Rodriguez's contract after the blockbuster trade.

Under Hicks' ownership, the Rangers continued to struggle until winning 87 games in 2009, barely missing the postseason.

Hicks announced that he agreed to sell the Rangers to a group led by Nolan Ryan and Chuck Greenberg in January of 2010. The sale was delayed due to several issues, including Hicks Sports Group's bankruptcy filing in May. Ryan and Greenberg eventually bought the team after Hicks put the team up for public auction in August of 2010. Shortly after, Hicks sold Liverpool and the Stars, who won the Stanley Cup in 1999.