Walmart heir Lukas Walton buys minority stake in the Chicago Bulls and United Center

Walmart heir Lukas Walton and his wife, Samantha, have acquired a minority stake in the Chicago Bulls and the United Center, the team announced Friday.

The transaction involves the purchase of existing stakes from limited partners and does not provide Walton with a path to controlling ownership, the team said. The size of the minority stake and the valuation were not disclosed.

The Reinsdorf family remains the controlling owner of the Chicago Bulls. Jerry Reinsdorf purchased the team for $16.2 million in 1985. Today, the team is worth approximately $6.45 billion, according to CNBC's most recent NBA valuations, making the franchise the fifth-most valuable in the league.

The Wirtz and Reinsdorf families split ownership of the United Center, where the Bulls and NHL's Blackhawks play. They will continue to hold the controlling interest in the United Center and the 1901 Project, a $7 billion redevelopment project on Chicago's West side, the team said.

The Bulls have been one of the NBA's most successful franchises in history, winning six championships during the Michael Jordan era. In recent years, however, they have struggled, having not made the playoffs since the 2021-2022 season.

Lukas Walton is the 39-year-old grandson of Walmart founder Sam Walton. He and Samantha Walton are residents of Chicago. Lukas Walton has a reported net worth of roughly $45 billion according to Forbes.

"The Chicago Bulls are as iconic as the city itself, and this transaction reflects our dedication to the city's future. We have long admired the vision the Reinsdorf and Wirtz families have set forth for The 1901 Project, and we look forward to the United Center's continued positive impact on Chicago's West Side," the Waltons said in a statement.

Lukas Walton's uncle, Rob Walton, bought the NFL's Denver Broncos in 2022 and also owns a stake in MLB's Arizona Diamondbacks.