The Rangers announced this morning that Tom Hicks has passed away at the age of 79. Hicks owned the Rangers from 1998 to 2010. The club released a statement about Hicks’s passing.
“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.“
A private equity investor based in Dallas, Hicks made over $1B as part of a partnership that invested in soft drink brands Dr. Pepper and 7 Up and merged the two companies together in the late 1980s. Hicks moved into sports franchise ownership when he purchased the NHL’s Dallas Stars in 1995. It was just a few years later in 1998 that Hicks purchased the Rangers from an investment group managed by future U.S. President George W. Bush. He would later go on to purchase Liverpool F.C. in 2007.
The Rangers found immediate success under Hicks’s ownership with back-to-back AL West titles led by future Hall of Famer Ivan Rodriguez. The team began to struggle in 2000, however, and that led Hicks to sign superstar Alex Rodriguez to a ten-year, $252MM contract that shattered records at the time during the 2000-01 offseason’s Winter Meetings. While A-Rod hit an incredible .305/.395/.615 over the 2001-03 seasons with 156 home runs and 27.0 fWAR, his supporting cast left much to be desired around the rest of the roster and the Rangers lost 90, 91, and 89 games during his three years with the franchise.
That spurred Hicks to trade Rodriguez following the 2003 season, and he was dealt to the Yankees in exchange for Alfonso Soriano and Joaquin Arias during the 2003-04 offseason. New York picked up $112MM of the $179MM remaining on Rodriguez’s contract. The Yankees went on to win the 2009 World Series with Rodriguez in tow, and A-Rod added two more MVP trophies to his mantle after winning his first with Texas in 2003. Meanwhile, the Rangers continued to struggle to break back into relevance. They did manage to win 89 games the year after the Rodriguez trade in 2004, but finished third in a highly competitive AL West and missed out on the postseason nonetheless.
It took until the 2009 season for the Rangers to be back on the upswing, when they won 87 games and once again narrowly missed out on a postseason berth with a roster headlined by Ian Kinsler, Nelson Cruz, and the rookie season of Elvis Andrus. That season was stained, however, by the club’s inability to sign first-rounder Matt Purke. Purke and the Rangers verbally agreed on a $6MM bonus after he was drafted, but the Rangers ultimately backed out of it. While Hicks contended that the club simply was unwilling to spend that amount to sign the 14th-overall selection in that year’s draft, team president Nolan Ryan suggested that the team’s finances were being closely monitored by the league at the time, who rejected the $6MM expenditure.
In January of 2010, Hicks announced that he had agreed to sell the Rangers to a group led by Ryan and Chuck Greenberg. The sale was delayed by a number of legal and financial issues throughout the year, including Hicks Sports Group filing for bankruptcy in May. The franchise was ultimate put up for public auction in August of 2010, which the group led by Ryan and Greenberg won. That ended Hicks’s tenure with the Rangers, and he went on to sell Liverpool a few months later as well as the Stars the following year.
While Hicks’s time with the Rangers ended in rocky fashion, the personnel who were hired to oversee the team during his tenure (including Ryan, GM Jon Daniels and manager Ron Washington) managed to lead the Rangers to great success on the field in spite of this off-the-field drama. The Rangers won back-to-back AL pennants during the 2010 and ’11 seasons, with 90- and 96-win campaigns thanks to impact performances from stars Josh Hamilton and (in the case of 2011) Adrian Beltre.
MLB Trade Rumors extends our condolences to Hicks’s family, friends and loved ones.