Chicago Bulls announce minority investment by Walmart family heir in NBA team, United Center

CHICAGO (WLS) -- The Chicago Bulls announced Friday that the Walmart family heir has made a new minority investment in the NBA team and the United Center.

Lukas Walton and his wife Samantha Walton acquired a minority interest in the team and the venue, a news release from the Bulls said.

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The announcement says the Reinsdorf and Wirtz families will still hold controlling interest in the United Center and The 1901 Project.

Chicago officials broke ground earlier this month for the 1901 Project on the city's Near West Side.

The $7 billion project is designed to transform development and investment around the United Center.

"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 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."

"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," Chicago Blackhawks CEO Danny Wirtz said in a statement.

The 1901 Project, a $7 billion project, is designed to transform development and investment around the United Center.

Phase One includes building a new music venue, hotel and parking garage.

A Chicago City Council Committee last month approved a $55 million tax break for the project.