Tom Hicks

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Lore & Background

Hicks's ownership began with high expectations after buying the Rangers in June 1998. The team immediately won the American League West Division title that year, repeating as division champions in 1999. However, despite these regular-season successes, the franchise failed to deliver a World Series championship under his watch. The financial landscape shifted dramatically when Hicks personally negotiated and signed Alex Rodriguez to a ten-year, $252 million deal at the December 2000 winter meetings. This contract severely limited the Rangers' ability to sign other players, resulting in only two more winning seasons during his ownership. Years later, Hicks publicly pointed to this transaction as "one of his biggest regrets." The signing of Chan Ho Park for $65 million following the 2001 season also proved disastrous, as the pitcher struggled to adjust from Dodger Stadium to the hitter-friendly American League environment.

In Their Own Story

Tensions mounted between the front office and creditors as financial obligations loomed. In late 2009, discussions arose regarding the signing of first-round pick Matt Purke; Hicks told the media the Rangers were not willing to pay the family's $6 million demand, denying any MLB interference. Conversely, Nolan Ryan later stated that MLB strictly overseeing the budget prevented the team from offering the agreed-upon bonus. As lenders owed over $500 million vocally objected to a sale deal with Greenberg and Ryan, accusing Hicks of rejecting a superior offer from Jim Crane, emails revealed HSG attorneys were still negotiating with Dennis Crane while claiming MLB prohibited them from talking to anyone else. The situation escalated until May 24, 2010, when Hicks Sports Group filed for Chapter 11 bankruptcy to expedite the sale before the trade deadline. Even in bankruptcy, Alex Rodriguez emerged as the largest unsecured creditor, owed nearly $25 million in deferred payments despite being traded six years earlier.

Reader's Guide

The sale of the Rangers involved a complex legal and financial battle that required court intervention. Although Hicks agreed to an exclusive negotiation period with Greenberg, emails from December 31, 2009, showed HSG attorneys seeking help because MLB appeared intent on locking them into a deal with Greenberg despite a "clearly superior economic deal" from Crane. Several lenders objected to the sale, stating they would not sign off until their concerns were addressed, and Hicks faced lawsuits over land adjacent to the stadium sold as part of the transaction. The bankruptcy court ultimately ordered a public auction on August 4, 2010. Co-lead investors Ray Davis and Bob R. Simpson were named co-chairmen after submitting the winning bid alongside Greenberg and Ryan, finalizing a sale that had been stalled by creditor disputes and budget restrictions.

Did You Know?

• Hicks personally signed Alex Rodriguez to a ten-year, $252 million deal at the December 2000 winter meetings.
• Alex Rodriguez was a major unsecured creditor during the bankruptcy proceedings, owed nearly $25 million in deferred payments despite being traded six years prior.
• Hicks sold the Rangers and Liverpool F.C. in 2010 specifically to satisfy his creditors after defaulting on loans backed by the team.
• The Texas Rangers won two consecutive American League West Division titles (1998, 1999) but never reached a World Series under Hicks's ownership.