‘BuyTheBroncos’ DAO seeks to raise $4B to buy NFL’s Denver Broncos

A cluster of crypto and sports enthusiasts are now making a collective effort in raising at least $4 billion to purchase the NFL franchise Denver Broncos.

BuyTheBroncos, a decentralized autonomous organization (DAO) specifically made to raise the aforementioned amount, includes attorneys, accountants, software developers, pro athletes, and at least one mathematician, per a CNBC.

Fan. Owned. Denver. Broncos.

Many thanks to the amazing @KenzieSigalos for the article on @CNBC.

And thank you @GovofCO for the support! CO’s ULCAA is the secret weapon to making this happen. https://t.co/IYvY7rJcRk#buythebroncos #denverbroncos #broncoscountry

— BuyTheBroncos (@BuyTheBroncos) February 19, 2022

Pat Bowlen Trust, which put the Pat Bowlen-owned team for sale on February 1, plans to sell the team by the start of the 2022 NFL season. Sports media outlet ESPN has estimated the sale to have the biggest price tag in North American sports history.

Sean O’Brien, a former employee at CISCO’s legal department and one of the organizers of BuyTheBroncos, told CNBC that the DAO is slated to go live in the first week of March. He said:

“We know it sounds a bit crazy, but it’s also a bit badass. The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”

Derek Sorensen, a mathematician and computer science Ph.D. student at the University of Cambridge in the U.K., is currently advising BuyTheBroncos on the DAO structuring. According to him, the DAO will incorporate a different structure where the contributors will have part-ownership in the team along with governance rights.

If successful, Denver Broncos will become the second NFL team after Green Bay Packers to be owned by a community cooperative.

‘BuyTheBroncos’ DAO seeks to raise $4B to buy NFL’s Denver Broncos appeared first on Our Bitcoin News.