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| On ], ], it was made known through the ] press that he was involved in a consortium with friend and ] owner ] to purchase ] club Liverpool F.C; this takeover proposal was believed to be the front runner after ] withdrew their bid.<ref name="liverpool-a"></ref>. On ], ], Hicks & Gillett's joint offer for ] was formally accepted, valuing the club at £218.9m ($432.9m) (£5,000 per share and £44.8m in debt).<ref name="liverpool-b"></ref>. Liverpool became the third ] club to be acquired by U.S. businessman, the others being ] and ]. After the bid was accepted, Hicks stated his foremost priority was gaining silverware, and vowed to build a new stadium for the club at ]. Hicks launched an angry attack (one of many)] ] on the ]-consortium battling for control of the English Premier League club, criticizing its behavior during negotiations which he cancelled.However football finance expert Professor Chris Brady has dismissed Hicks’ termination of talks with DIC as a “negotiation manoeuvre” and expects the deal to be wrapped up by June.He said: “Clearly Hicks wants out now. He probably thinks he can get £450m by stalling and they (DIC) will probably go to £450m.“From what I’ve heard there is no rush of alternative buyers out there and DIC are keen.“Dubai presumably will want to wrap the deal up by the end of June so they have time to prepare for the new season.”<ref></ref> | On ], ], it was made known through the ] press that he was involved in a consortium with friend and ] owner ] to purchase ] club Liverpool F.C; this takeover proposal was believed to be the front runner after ] withdrew their bid.<ref name="liverpool-a"></ref>. On ], ], Hicks & Gillett's joint offer for ] was formally accepted, valuing the club at £218.9m ($432.9m) (£5,000 per share and £44.8m in debt).<ref name="liverpool-b"></ref>. Liverpool became the third ] club to be acquired by U.S. businessman, the others being ] and ]. After the bid was accepted, Hicks stated his foremost priority was gaining silverware, and vowed to build a new stadium for the club at ]. Hicks launched an angry attack (one of many)] ] on the ]-consortium battling for control of the English Premier League club, criticizing its behavior during negotiations which he cancelled.However football finance expert Professor Chris Brady has dismissed Hicks’ termination of talks with DIC as a “negotiation manoeuvre” and expects the deal to be wrapped up by June.He said: “Clearly Hicks wants out now. He probably thinks he can get £450m by stalling and they (DIC) will probably go to £450m.“From what I’ve heard there is no rush of alternative buyers out there and DIC are keen.“Dubai presumably will want to wrap the deal up by the end of June so they have time to prepare for the new season.”<ref></ref> | ||
| The fans of the club have reacted strongly to his joint ownership and have made their feelings felt in the media and by demonstrations at home matches. Liverpool FC is renowned for its discreet management style and the supporters are particularly incensed at his frequent off-the-cuff remarks and statements to the media which they feel has brought the club into disrepute. They also question his financing of the club which was purchased with borrowed money and been loaded with debt in the last year without work commencing on the new stadium. | The fans of the club have reacted strongly to his joint ownership and have made their feelings felt in the media and by demonstrations at home matches. Liverpool FC is renowned for its discreet management style and the supporters are particularly incensed at his frequent off-the-cuff remarks and statements to the media which they feel has brought the club into disrepute. They also question his financing of the club which was purchased with borrowed money and been loaded with debt in the last year without work commencing on the new stadium. | ||
| A recent poll of readers of Liverpool’s Daily Post resulted in 97% wanting him to sell the club to DIC who they feel has both the expertise and finances to take the club forward whilst maintaining its traditions. | A recent poll of readers of Liverpool’s Daily Post resulted in 97% wanting him to sell the club to DIC who they feel has both the expertise and finances to take the club forward whilst maintaining its traditions. Hicks is well versed in PR which played no small part in his acquisition of Liverpool. This is illustrated by his organisation’s continual deletion of this entry | ||
| ==References== | ==References== | ||
Revision as of 12:41, 12 March 2008
For the English cricketer, see Tom Hicks (cricketer). For other people named Thomas Hicks, see Thomas Hicks (disambiguation).Thomas O.Hicks (born 1946 in Dallas, Texas but later moved to Port Arthur, Texas), is a Dallas businessman. According to Forbes Magazine 2007, Tom Hicks has an estimated wealth of $1.3 billion USD.
Hicks 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, Mesquite Championship Rodeo and also owns fifty percent of the English football team Liverpool FC.
Biography
The son of a Texas radio station owner, Hicks graduated from the Thomas Jefferson High School, class of 1964 in Port Arthur, Texas. Hicks, as a brother of Sigma Phi Epsilon, received his Bachelors degree in Finance from the University of Texas in 1968, and his MBA from the University of Southern California in 1970.
Hicks became interested in leveraged buyouts as a member of First National Bank's of Austin 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 2000s, 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 $10-million to $250-million level, including:
- 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 $20 million in the early 1990s
Politics
Hicks was recently a member of the political action committee for the 2008 presidential election campaign for former Republican Mayor of New York City, Rudy Giuliani
Tom Hicks Elementary School
Tom Hicks Elementary School in Frisco, Texas, part of the Lewisville Independent School District, was given its name after Hicks donated the necessary land for the school.
Sports
Hicks moved from the business pages to the sports section in December 1995 when he bought the National Hockey League Dallas Stars for $82 million.
Dallas Stars
Seven Division Championships, three Western Conference crowns, two Presidents' Trophies as the team with the best regular season record, two consecutive trips to the Stanley Cup Finals and the 1999 Stanley Cup Championship are the highlights of the Dallas Stars' rapid ascent in the 11 years since Thomas O. Hicks contracted to purchase the hockey club in December 1995. Mr. Hicks serves as the Stars' Chairman of the Board and the club's representative on the NHL Board of Governors, and also played an instrumental role in the development and planning of American Airlines Center.
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. Under Hicks ownership, the Rangers won the American League West Division crown in 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.
Main article: History of Liverpool F.C.On February 1, 2007, it was made known through the English press that he was involved in a consortium with friend and Montreal Canadiens owner George N. Gillett Jr. to purchase English Premiership club Liverpool F.C; this takeover proposal was believed to be the front runner after Dubai International Capital withdrew their bid.. On February 6, 2007, Hicks & Gillett's joint offer for Liverpool was formally accepted, valuing the club at £218.9m ($432.9m) (£5,000 per share and £44.8m in debt).. Liverpool became the third FA Premier League club to be acquired by U.S. businessman, the others being Aston Villa and Manchester United. After the bid was accepted, Hicks stated his foremost priority was gaining silverware, and vowed to build a new stadium for the club at Stanley Park Stadium. Hicks launched an angry attack (one of many)March 8 2008 on the Dubai International Capital-consortium battling for control of the English Premier League club, criticizing its behavior during negotiations which he cancelled.However football finance expert Professor Chris Brady has dismissed Hicks’ termination of talks with DIC as a “negotiation manoeuvre” and expects the deal to be wrapped up by June.He said: “Clearly Hicks wants out now. He probably thinks he can get £450m by stalling and they (DIC) will probably go to £450m.“From what I’ve heard there is no rush of alternative buyers out there and DIC are keen.“Dubai presumably will want to wrap the deal up by the end of June so they have time to prepare for the new season.” The fans of the club have reacted strongly to his joint ownership and have made their feelings felt in the media and by demonstrations at home matches. Liverpool FC is renowned for its discreet management style and the supporters are particularly incensed at his frequent off-the-cuff remarks and statements to the media which they feel has brought the club into disrepute. They also question his financing of the club which was purchased with borrowed money and been loaded with debt in the last year without work commencing on the new stadium. A recent poll of readers of Liverpool’s Daily Post resulted in 97% wanting him to sell the club to DIC who they feel has both the expertise and finances to take the club forward whilst maintaining its traditions. Hicks is well versed in PR which played no small part in his acquisition of Liverpool. This is illustrated by his organisation’s continual deletion of this entry
References
- http://www.texasifc.org/famousalums.htm
- ^ http://www.dallasstars.com/stars/bio-hicks.jsp Cite error: The named reference "starsbio" was defined multiple times with different content (see the help page).
- This Buyout Game Ain't Over Yet
- RUDOLPH GULIANI FOR PRESIDENT - 2008
- Tom Hicks Elementary School - Frisco, Texas - TX - school overview
- Stars owner Hicks to buy Rangers for $250 million, - CBS News
- BBC SPORT | Football | My Club | Liverpool | Consortium pulls out of Reds bid
- BBC SPORT | Football | My Club | Liverpool | US pair agree Liverpool takeover
- CNN | Battle over Liverpool intensifies
External links