Hicks didn't buy Liverpool until 2007. It did eventually play a role in sinking him to bankruptcy, but he already pulled back on Rangers payroll in the early 2000s after he spent big money on losing teams and the economy went through the early 2000s challenges with the dotcom bust. Then Liverpool and the 2008 crisis did him in.
Money spent on losing teams, a divorce, and lower oil prices are all tag-teaming with the current group.