Hicks bought a 50% stake in Liverpool in 2007 alongside business partner George Gillett, before eventually selling the club to Fenway Sports Group in 2010.
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Hicks also owned the ice hockey team the Dallas Stars between 1995 and 2011 and baseball's Texas Rangers between 1998 and 2010.
His family released a statement, saying: “Of everything he accomplished in his remarkable life, Tom Hicks’s most cherished title was, ‘Dad.’ 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 honored to continue expanding his legacy. Although we are devastated by this loss, we are profoundly grateful to have been his children.”