New Delhi, June 27 -- The Chicago Bulls announced on Friday that Lukas Walton, a Walmart family heir, and his wife, Samantha, have acquired a minority interest in the NBA team and the United Center. The move brings new partners into the ownership group while the Reinsdorf and Wirtz families keep full control of the arena and the related 1901 Project.

This investment arrives as the organization pushes ahead with major plans to improve the area around its home venue on Chicago's Near West Side. The news release from the team stressed that the new partners share a strong commitment to Chicago and its key institutions.

Bulls CEO Michael Reinsdorf welcomed the Waltons and highlighted the common goals across the ownership group.

"We are plea...