Former Liverpool co-owner Tom Hicks has died at the age of 79. A spokesperson for the American businessman confirmed he died in Dallas on Saturday, with his family at his side. Hicks owned the Reds for three-and-a-half years before selling the club in October 2010 and now tributes have been paid to the multi-millionaire.On Sunday, Hicks' family said their "cherished" dad had passed away. They added he remains a "guiding force" for them and they want to continue his legacy."Of everything he accomplished in his remarkable life, Tom Hicks' most cherished title was, 'Dad'," his family said in a statement. "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 honoured to continue expanding his legacy. Although we are devastated by this loss, we are profoundly grateful to have been his children."The Reds sent their best wishes to Hicks' family and friends during this "difficult time".A statement on the club's website reads: "Former Liverpool FC co-owner Tom Hicks has died at the age of 79. Hicks, who also had spells as owner of the Dallas Stars and Texas Rangers US sports franchises in his home state, passed away on Saturday. He and fellow American businessman George Gillett completed an acquisition of the Reds in early 2007. The pair’s tenure at Anfield concluded in October 2010 when current owners Fenway Sports Group sealed a takeover. LFC sends its condolences to the Hicks family and Tom’s friends at this difficult time."Before joining Liverpool, he owned American baseball team, the Texas Rangers, and the ice hockey side, the Dallas Stars.Looking for smarter football bets? Get expert previews, data-driven predictions & winning insights with GOAL Tips on Telegram. Join our growing community now!Hicks' time at Anfield with fellow American investor George Gillett wasn't all that popular. During their spell in charge, the club's debts mounted amid a backdrop of division between former chief executive Rick Perry and manager Rafael Benitez. The Spaniard was replaced by Roy Hodgson in a short and unsuccessful spell, and during their time at the Merseyside outfit, they failed to win a trophy. They eventually sold Liverpool to Fenway Sports Group 15 years ago.Following Liverpool's tribute to their former co-owner, they will now be focusing on trying to beat Inter Milan on Tuesday in the Champions League before taking on Brighton in the Premier League next weekend.