Former Liverpool co-owner dies as ‘devastated’ family release statement

Former Liverpool co-owner Tom Hicks had died at the age of 79, his family have announced.

A statement was released on Sunday confirming the American businessman died surrounded by his family in Dallas.

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“Of everything he accomplished in his remarkable life, Tom Hicks’ most cherished title was, ‘Dad’,” his family said in a statement. 

“No matter the trials and tribulations he faced in life, he was constant in his generosity and love for his family.

“He remains a guiding force for our family, and we are deeply honoured to continue expanding his legacy. Although we are devastated by this loss, we are profoundly grateful to have been his children.”

Hicks co-owned Liverpool for three-and-a-half years alongside George Gillett.

He acquired a 50 per cent stake in Liverpool in 2007.

He had hoped to replicate the same success he had with American sports teams, winning the Stanley Cup with the NHL’s Dallas Stars in 1999.

But Liverpool failed to win a trophy before selling to Fenway Sports Group in 2010.

The pair faced fan backlash amid mounting debts and in-fighting with chief executive Rick Parry and manager Rafael Benitez.

Hicks and Gillett had fallen out by this point and sought between £600m and £1bn for the club.

However, Liverpool were sold for just £300m – just £80m more than what they purchased it for.

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Due to more than £200m in debts, the Americans lost almost £150m on their purchase.

Hicks was estimated to be worth $1billion at his peak and also owned the Texas Rangers from 1998 to 2010, leading them to three American West Division titles and one World Series appearance.

“Being shoulder to shoulder with him was always about more than ballparks and stadiums, though,” Dallas Cowboys owner Jerry Jones said in a statement.

“It was about personal respect, trust and friendship. We shared a lot of miles together, and I’ll miss him greatly. My heart goes out to his family.”

He co-founded Hicks & Haas in 1984, where he executed landmark deals including the Dr Pepper/7UP merger.

He later co-founded Hicks, Muse, Tate & Furst in 1989, which grew into one of the largest private equity platforms of its era, completing major transactions across consumer products, broadcasting, and food and beverage.

Hicks was also a paratrooper in the Army Reserves and later served as a presidentially appointed Commissioner of the American Battle Monuments Commission