The dispute involves 45 acres near Rangers Ballpark in Arlington, land that Steiner & Associates of Columbus, Ohio, claims it has the right to develop.
A planned shopping, hotel and entertainment district known as Glorypark never materialized.
The lawsuit was filed Jan. 21 in Fort Worth, two days before Hicks announced a deal to sell the Rangers.
Hicks, who has informed Major League Baseball and the partnership group buying the Rangers about the legal action, said the lawsuit has no merit.
Steiner seeks $14.5 million, plus its stake in Glorypark. Steiner spokesman Jason Stanford said Hicks "does not have the right to sell the land without dissolving the partnership."