Jerry Reinsdorf purchased the Chicago Bulls for $16.2 million in 1985. The new minority buyers - a Walmart heir and his wife - have acquired a 10% stake in the franchise and the United Center, according to a person familiar with the matter.
Lukas Walton has an estimated net worth of $45 billion, according to Forbes. Lukas and Samantha Walton now own a 10% share of the United Center and the Chicago Bulls, according to an anonymous source. A minority stake means they own less than half of the business. The team explained that Walton is buying shares previously held by other investors, and the deal does not give him any way to gain majority control.
Control of the Bulls stays with the Reinsdorf family. The Wirtz family co-owns the United Center alongside the Reinsdorfs. The Reinsdorf and Wirtz families will remain the majority owners of both the arena and the surrounding redevelopment, according to the team.
CNBC's most recent NBA valuations value the Bulls at approximately $6.45 billion, a valuation that places the franchise fifth among all NBA teams.
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The Waltons said their investment is about more than basketball. In a statement, they said: "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 1901 Project is a $7 billion redevelopment project on Chicago's West Side. The Waltons' money will help fund that work - but the Reinsdorf and Wirtz families will stay in charge of the project.
The Bulls have won six NBA championships, all during the Michael Jordan era in the 1990s. Since then, the team has struggled to return to championship contention but remains one of the league's most valuable franchises due to its storied history and Chicago's large market.
Lukas Walton is not the first member of his family to buy into a pro sports team. His uncle, Rob Walton, bought the NFL's Denver Broncos in 2022. Rob Walton also holds a stake in MLB's Arizona Diamondbacks.
At 39 years old, Lukas Walton is the grandson of the late Sam Walton, who founded Walmart. Lukas and Samantha live in Chicago.
The Bulls have not made the playoffs since the 2021-2022 season.
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