In Memory of Tom Hicks

Distinguished investor, sports leader, and McCombs School of Business alumnus leaves an enduring legacy of leadership and philanthropy

Thomas O. Hicks, BBA ’69, a distinguished McCombs School of Business alumnus and lifetime Dean’s Advisory Council member, passed away in Dallas on Dec. 6. He was 79.

A legendary Texas businessman, philanthropist, and devoted supporter of The University of Texas at Austin, Hicks was a pioneer in private equity and a champion for civic progress. He transformed industries while investing deeply in the people and institutions that shaped him, including the McCombs School.

“Tom was a beloved member of the McCombs family,” said McCombs Dean Lillian Mills. “He was a brilliant exemplar of leadership who embodied the Longhorn spirit. His contributions to our shared vision combined passion, dedication, and generosity.”

A Visionary in Business and Sports
Beginning in the 1980s, Hicks helped shape modern private equity. He co‑founded Hicks and Haas, executing landmark transactions such as the Dr Pepper/7 Up merger. Later, he co‑founded Hicks, Muse, Tate & Furst, which grew into one of the era’s most influential investment platforms.

Beyond finance, Hicks brought that same ambition to the world of sports. As owner of the Dallas Stars (winners of the 1999 Stanley Cup) and the Texas Rangers, and later through his stake in Liverpool F.C., he revitalized franchises, energized fan bases, and strengthened the sports community across Texas and beyond.

A Pillar of the University
A dedicated Longhorn, Hicks served on the UT System Board of Regents from 1994 to 1999. During his tenure, he helped establish UTIMCO (the University of Texas/Texas A&M investment management company), now the nation’s largest public university endowment. Hicks said he regarded its creation as one of his most meaningful professional contributions.

At McCombs, his leadership fundamentally advanced finance education. In 2000, Hicks and his business partners endowed the Hicks, Muse, Tate & Furst (HMTF) Center for Private Equity Finance. Their goal was to “prime the pump” for private equity in the region by building a curriculum for MBA and BBA students and connecting them with industry leaders. Read more about the HMTF Center here.

His family’s philanthropy also established the Thomas O. Hicks Endowed Chair in Business and the Thomas O. Hicks Family Endowed Athletic Scholarship, investments that continue to cultivate excellence across the University.

An Enduring Legacy
Today, the center Hicks founded remains a vital hub for future investors.

“The center is a living tribute to Tom, and we commit to carrying his vision forward,” said Ken Wiles, director of the HMTF Center. “We will be forever grateful for Tom’s kindness and generosity, which have supported the annual Texas Private Equity Conference, scholarships for outstanding students, faculty research, and the placement of students into meaningful careers.”

Hicks was a lifetime member of the Dean’s Advisory Council, offering counsel and steady engagement that reflected his deep belief in the school’s capacity to develop principled leaders.

“We extend our heartfelt condolences to the Hicks family and to all who were inspired by Tom’s vision, generosity, and friendship,” said Mills. “His impact on McCombs and the broader Longhorn community will endure in the lives of the students and alumni who continue the work he championed.”

Read his full obituary here.