Walmart heir Lukas Walton buys minority stake in Chicago Bulls

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

The transaction involved the purchase of existing shares from limited partners and did not give Walton a way to control ownership, the team said. The size and valuation of the minority stake were not disclosed.

The Reinsdorf family remains the controlling owner of the Chicago Bulls. Jerry Reinsdorf bought the team in 1985 for $16.2 million. Today, the team is worth about $6.45 billion, according to CNBC’s latest NBA valuations, making it the fifth most valuable team in the league.

The Wirtz and Reinsdorf families split ownership of the United Center, where the Bulls and the NHL’s Blackhawks play. They will continue to retain controlling interests in the United Center and the United States. 1901 ProjectThe team said there is a $7 billion redevelopment project on Chicago’s West Side.

The Bulls became one of the NBA’s most successful teams in history, winning six championships during the Michael Jordan era. However, they have been experiencing difficulties in recent years as they have not been able to participate in the play-offs 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. It was stated that Lukas Walton’s net worth is approximately 45 billion dollars. Forbes.

“The Chicago Bulls are as iconic as the city itself, and this acquisition reflects our commitment to the city’s future. We have long admired the vision the Reinsdorf and Wirtz families laid out for the 1901 Project and look forward to the United Center’s continued positive impact on Chicago’s West Side,” Waltons said in a statement. he said.

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