Thomas Hicks was born in Houston, Texas. His family later moved to Port Arthur, Texas, when his father purchased the small radio station KOLE. By the age of 13, he had begun working at the station, and by 15 he was a weekend disc jockey earning $20 per week. He graduated in 1964 from Thomas Jefferson High School, where he lettered in football.

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After high school, Hicks attended the University of Texas, where he studied finance. In 1968, he went to work at Continental Illinois in Chicago, where he helped establish a venture capital division. He earned a Master of Business Administration degree from the University of Southern California in 1970.

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Hicks began his career on New York’s famed Wall Street, working in the investment departments at Morgan Guaranty Trust Company and J.P. Morgan. Over 25 years, he raised more than $11 billion in private equity funds and more than $38 billion worth of leveraged acquisitions, including Dr. Pepper and Seven-Up Companies, A&W Brands, Inc., and Berg Electronics, Inc.

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His most significant successes were in the two fields shaped during his Port Arthur years: radio and athletics. Through Chancellor Media and Capstar Broadcasting, he created what was then the largest radio operation in the country, encompassing 400 stations. In addition, he became the owner of the National Hockey League’s Dallas Stars, winners of the 1999 Stanley Cup Championship, as well as Chairman and Owner of the Texas Rangers. Hicks also served on the Board of Directors of several corporations, including Chase Manhattan and LIN Television.