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

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 team said the Reinsdorf family will continue to hold a controlling interest in the team, and the Reinsdorf and Wirtz families — the latter of whom own the Chicago Blackhawks — remain committed to keeping their controlling interest in both the United Center and the 1901 Project which is developing the neighborhood around the arena on the Near West Side.

"We are pleased to welcome Lukas and Samantha, who share our deep-seated belief in Chicago and our commitment to the institutions that make this city strong," Bulls president and CEO Michael Reinsdorf said in a statement. "Together with our partners at the United Center, the Wirtz family, we are fully aligned in our vision for the Bulls, the United Center campus, and the future of the West Side." 

The Waltons said in a statement they are enthusiastic for their new partnership and investment in the West Side, along with the teams' development plans.

"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 statement read.

The Bulls said the Waltons' purchase involved buying existing stakes from "certain limited partners," but didn't offer further details.

Lukas Walton is the grandson of Sam Walton, who founded Walmart. Forbes has estimated his net worth at $45.6 billion.