Reinsdorfs welcome new investors into Bulls, United Center

One of the richest franchises in the NBA is bringing on one of the richest families in Illinois.

The Bulls announced Friday that Lukas and Samantha Walton have acquired a minority interest in the team and the United Center, but it won’t 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 Reinsdorfs’ plan was always to keep the Bulls in the family.

This latest news changes nothing as far as that’s concerned, especially because the transaction involved purchasing shares from existing limited partners.

It does attach a huge financial name to the organization, however. Lukas Walton, 39, is the grandson of Walmart founder Sam Walton.

The Reinsdorf and Wirtz families also will 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,’’ 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.’’

Chairman Jerry Reinsdorf and an investor group purchased the Bulls in 1985 for $16 million and have watched the franchise grow to a value of more than $6.45 billion since. That ranks the Bulls No. 5 in the NBA, behind the Warriors ($10.8 billion), Knicks ($10.1 billion), Lakers ($10 billion) and 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 Sox. Ishbia will have the option to buy controlling interest as early as 2029.

This latest deal is nothing like that. This was more about the Waltons getting a foot in the door to invest in the West Side.

‘‘The Chicago Bulls are as iconic as the city itself, and this transaction reflects our dedication to the city’s future,’’ the Waltons 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.’’

Hawks 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.’’