Walmart Heir Lukas Walton Buys Minority Stake in Chicago Bulls and United Center

The Chicago Bulls announced Friday that Lukas Walton and his wife, Samantha, have acquired a minority stake in both the team and the United Center. The deal involved purchasing existing shares from limited partners already in the ownership group, not new shares from the team itself. A person familiar with the matter told CNBC the Waltons’ combined stake lands around 10 percent, though the Bulls did not officially disclose the size or financial terms of the deal

Who’s Still in Charge

The investment does not change who controls the franchise. The Reinsdorf family, which has owned the Bulls since Jerry Reinsdorf bought the team for $16 million in 1985, keeps its controlling interest. The Reinsdorf and Wirtz families, who jointly own the United Center, also retain control there and over the surrounding development project.

Why the Waltons

Lukas Walton, 39, is the grandson of Walmart founder Sam Walton and currently holds the title of wealthiest person in Illinois, with a net worth estimated near $45 billion. He inherited roughly a third of his father John Walton’s estate after John died in a 2005 plane crash. The Waltons are Chicago residents, and the family has experience in sports ownership: Lukas Walton’s uncle, Rob Walton, owns the NFL’s Denver Broncos and holds a stake in the Arizona Diamondbacks.
In a joint statement, the Waltons said the Bulls are as iconic as the city itself and called the investment a reflection of their commitment to Chicago’s future, specifically pointing to the team’s vision for the area around the arena.

The $7 Billion Project Behind the Deal

The investment lands alongside the 1901 Project, a $7 billion redevelopment plan already underway on the Near West Side around the United Center. The first phase includes a new concert venue, a hotel, and a parking garage, with later phases planned to add roughly 9,500 residential units to the area. Chicago’s City Council approved a $55 million tax break for the project last month.
Bulls President and CEO Michael Reinsdorf welcomed the Waltons in a statement, saying the team and the Wirtz family remain fully aligned on their vision for the Bulls, the United Center campus, and the future of the West Side.
Source: ABC7 Chicago, CNBC, CBS Chicago, Chicago Sun-Times, WTTW