The BuyTheBroncos DAO Is Considering A $4B Bid For The Denver Broncos NFL Team.
The BuyTheBroncos DAO is attempting to acquire the Denver Broncos in order to provide fans with the opportunity to own a portion of their favorite sports club.
The Denver Broncos, a top-tier NFL franchise, are up for sale. A Decentralized Autonomous Organization (DAO) called the BuyTheBroncos DAO is attempting to collect more than $4 billion in order to purchase the club.
A Decentralized Autonomous Organization (DAO) is an organization whose operations are governed by a smart contract. This unique application is housed on the Ethereum blockchain. A DAO does not have a leader. Members of the DAO vote on changes, and the weight of their vote is determined by the amount of a cryptocurrency token they own. This is referred to as a governance token.
Attorneys, accountants, software developers, professional athletes, and one mathematician are among those planning to buy the Denver Broncos. One lawyer, previously of Cisco’s legal department, is leading the fight. “We know it sounds a little crazy, but it’s also a little badass,” O’Brien says. He claims that the acquisition is intended to give people from all walks of life a stake in the premier sports team.
According to ESPN, the Broncos are anticipated to seek a large acquisition price, maybe the most in American sports history.
The team’s trustees have said that they want the club sold before the 2022 NFL season. According to O’Brien, the smart contracts and crypto wallets are set up and ready to use. The DAO will not be operational until early March.
The DAO, BuyTheBroncos, is the latest in a long line of DAOs aimed at upending typical hierarchical corporate governance by returning power to the people.
At the time of publication, BuyTheBroncos had only 50 Twitter followers. O’Brien has tried repeatedly, but failed, to purchase professional sports clubs. Nonetheless, if the original purchase effort fails, the DAO has a backup plan in place to raise 25% of the $4B and sell the remaining 75% to regular bidders. Governor Polis expresses optimism that Colorado will be able to complete the DAO sale.
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