Walmart heir Lukas Walton and his wife have purchased a minority stake in the Chicago Bulls, the NBA franchise announced Wednesday. The deal also includes an interest in the United Center, the team's home arena, according to the organization.
The Waltons, both longtime Chicago residents, made the investment through their family office. 'This transaction reflects our dedication to the city's future,' the couple said in a joint statement reported by Inc. The financial terms of the deal were not disclosed.
The Bulls become the latest major sports franchise to attract investment from billionaire families, following a trend of wealthy individuals buying into professional sports. The NBA has seen a surge in team valuations, with the league's media rights deals and global popularity driving interest.
For Walton, the investments diversify his portfolio beyond retail and sustainability-focused ventures. The move also signals continued demand for NBA assets, which have appreciated significantly as the league expands its international footprint.
The Bulls did not specify whether Walton will take an active role in team operations. Inc noted that the purchase comes as the team works to rebuild its roster and improve on-court performance.