One of the richest franchises in the NBA is bringing on one of the richest families in the state of Illinois.
It was announced on Friday that Lukas and Samantha Walton have acquired a minority interest in both the Bulls and the United Center, but it will not affect the controlling interest the Reinsdorfs have in the team.
The Sun-Times reported several years ago that while the future of the White Sox was fluid at the time, the plan from both Jerry and Michael Reinsdorf was always to keep the Bulls in the family.
This latest news changes nothing as far as that was concerned, especially since the transaction involved purchasing limited partner stakes from existing LPs.
It does attach a huge financial name to the organization, however, as Lukas Walton, 39, is the grandson of Walmart founder Sam Walton.
The Reinsdorf and Wirtz families will also continue to hold the controlling interest in the United Center and The 1901 Project.
“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,” team 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.”
Jerry Reinsdorf — along with an investor group — purchased the Bulls in 1985 for $16 million and has watched the franchise grow to a value of over $6.45 billion since. That ranks the Bulls No. 5 in the Association of the current franchises, behind Golden State ($10.8 billion), New York ($10.1 billion), the Lakers ($10 billion) and the Clippers ($6.9 billion).
Jerry Reinsdorf is no stranger to selling pieces of a sports team, making headlines last year by striking a long-term agreement with minority investor Justin Ishbia to eventually transfer controlling ownership of the White Sox.
Ishbia will have the option to buy controlling interest starting as early as 2029.
This latest deal is nothing like that.
This was more about a foot in the door for the Waltons to also invest in Chicago’s West Side.
“The Chicago Bulls are as iconic as the city itself, and this transaction reflects our dedication to the city’s future,” the Walton’s said in a statement. “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.”
Blackhawks CEO Danny Wirtz also expressed his enthusiasm about the transaction, stating, “Our families have had the great pleasure of partnering in the development of the United Center over the last 30 years and we look forward to a bright future ahead.”
