Tom Hicks: Difference between revisions
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===Texas Rangers=== |
===Texas Rangers=== |
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In June [[1998]], Hicks became the Chairman and Owner of the Texas Rangers Baseball Club of the [[Major League Baseball]]’s [[American League]]. Hicks purchased the team for $250million from an investment group that included then-Texas Governor [[George W. Bush]]. After the purchase, Hicks changed his large political donations to Bush for the [[2000 Presidential election]]. Under Hicks ownership, the Rangers won the [[American League West Division]] crown in both [[1998]] and [[1999]]. |
In June [[1998]], Hicks became the Chairman and Owner of the Texas Rangers Baseball Club of the [[Major League Baseball]]’s [[American League]]. Hicks purchased the team for $250million from an investment group that included then-Texas Governor [[George W. Bush]]. After the purchase, Hicks changed his large political donations to Bush for the [[2000 Presidential election]]. Under Hicks ownership, the Rangers won the [[American League West Division]] crown in both [[1998]] and [[1999]], but failed to deliver a [[World Series]]. After retirement from ''Hicks Muse Tate and Furst,'' and with the Rangers finished in last place in its division in [[2003]], Hicks promised to rebuild the team, shipping [[Alex Rodriguez]] ($252 million over 10 years) to the [[New York Yankees]]. Hicks serves on the Board of Directors of MLB Advanced Media, the internet-based subsidiary of Major League Baseball. |
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===Liverpool F.C.=== |
===Liverpool F.C.=== |
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Revision as of 13:30, 3 February 2007
Thomas O. Hicks (born 1946) is a Dallas businessman.
Hicks co-founded co-founded the investment firm, Hicks, Muse, Tate & Furst, and is chairman of Hicks Inc, which owns and operates Southwest Sports Group, the company that owns the Texas Rangers, the Dallas Stars and the Mesquite Championship Rodeo. The father of six children, Hicks and his wife Cinda reside in Dallas.
Biography
The son of a Texas radio station owner, Hicks received his Bachelors degree from the University of Texas in 1968, and his MBA from the University of Southern California in 1970[1].
Hicks became interested in leveraged buyouts as a member of First National Bank's venture capital group. Hicks and Robert Haas formed Hicks & Haas in 1984; the next year that firm bought Hicks Communications, a radio outfit run by Hicks' brother Steven - the first of many media companies bought or created by the buyout firm, often with Steven Hicks' involvement.
Hicks & Haas' in the mid-1980s bought several soft drink makers, including Dr Pepper and 7 Up. The firm took Dr Pepper/7 Up public just 18 months after merging the two companies. In all, Hicks & Haas turned $88 million of investor funding into $1.3 billion. The pair split up in 1989; Hicks wanted to raise a large pool to invest, but Haas preferred to work deal by deal.
In 1989 Hicks co-founded the investment firm, Hicks, Muse, Tate & Furst with former Prudential Securities banker John Muse. The firm raised $250 million, with early investments including Life Partners Group (life insurance, 1990; sold 1996). In 1991 Morgan Stanley's Charles Tate and First Boston's Jack Furst became partners. Hicks was chairman from 1989 to 2004, Hicks, Muse, Tate & Furst raised $12 billion of private equity funds, consummated over $50 billion of leveraged acquisitions, and was one of the most active private investment firms in the country.
But the business hit a rough patch by the early 2000's, when investors in Equity Fund IV were burned by a $1.2 billion plunge into telecom investments in 1999. Hicks announced that he would leave the firm on March 8, 2004 to spend more time with his family and his sports teams.
Retirement
Hicks formed Hicks Holdings, a vehicle for his billion-dollar sports and real estate empire, and then started buying companies again in the $10million to $250million level, including[2]:
- electronics firm with 1,000 employees in China
- started a new venture with DirecTV selling bundled TV-telecom services to condos
- landscaping materials in the Midwest
- pet food in Argentina
- Gammaloy - an oil field rental outfit he bought from his wife's family, paying $20million in the early 1990's
Sports
Hicks has developed a deep interest in sports franchises, and has invested in their facilities and team much to the delight of fans.
Hicks moved from the business pages to the sports section in December 1995 when he bought the NHL Dallas Stars for $82 million[3].
Texas Rangers
In June 1998, Hicks became the Chairman and Owner of the Texas Rangers Baseball Club of the Major League Baseball’s American League. Hicks purchased the team for $250million from an investment group that included then-Texas Governor George W. Bush. After the purchase, Hicks changed his large political donations to Bush for the 2000 Presidential election. Under Hicks ownership, the Rangers won the American League West Division crown in both 1998 and 1999, but failed to deliver a World Series. After retirement from Hicks Muse Tate and Furst, and with the Rangers finished in last place in its division in 2003, Hicks promised to rebuild the team, shipping Alex Rodriguez ($252 million over 10 years) to the New York Yankees. Hicks serves on the Board of Directors of MLB Advanced Media, the internet-based subsidiary of Major League Baseball.
Liverpool F.C.
On February 1, 2007 it was made knwon through the English press that he was behind a consortium along with friend and Montreal Canadiens owner George N. Gillett Jr. to complete a deal worth over $850,000,000 to takeover the English Premiership club Liverpool F.C which has become the front runner after Dubai International Capital pulled out the reckoning.
Tom Hicks Elementary School
Tom Hicks Elementary School in Frisco, Texas, part of the Lewisville Independent School District, is named after him (he donated the necessary land for the school). He is a graduate of Thomas Jefferson High School, class of 1964. His nephew Dr. Andrew Hicks is also very succesful and wealthy and owns the Atlanta Hawks.