DAO Rallies To Collect USD 4B For Denver Broncos Buy

Source: A screenshot, Instagram/broncos

 

A decentralized autonomous organization (DAO) has been established with the aim to pool some USD 4bn and buy the Denver Broncos franchise of the US National Football League (NFL).

The Broncos were put up for sale earlier this month, and the trustees said in a statement they hope to have the sale completed by the beginning of the 2022 NFL season which is scheduled to start on September 8.

“The Broncos are a special franchise that is part of the fabric of this region, and whoever emerges as the new owner will certainly understand what the team means to our great fans and this community,” Joe Ellis, President of the Denver Broncos, was quoted in the statement.

With this in mind, the BuyTheBroncos DAO aims to collect the necessary funds to submit a bid for the franchise, with Sean O’Brien, a former lawyer for Cisco and current entrepreneur, serving as one of the initiative’s leaders, as reported by CNBC.

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

While the smart contracts and crypto wallets have already been set up, the DAO will not officially go live until the first week of March, according to O’Brien.

The initiative’s website says that its members who allocate their ethereum (ETH) to the venture will “be eligible to acquire an NFT which, if we succeed in buying the Broncos, will double as your “membership card” that grants you access to the cooperative.”

At the time of writing (10:00 UTC), the initiative’s Twitter account had some 734 followers. Denver Broncos itself has 2.6m followers on Twitter, 1.3m on Instagram, and almost 3.8m on Facebook.

Meanwhile, the DAO can benefit from the support of Colorado’s crypto-friendly Governor Jared Polis who recently unveiled plans to accept cryptocurrencies for state tax payments by the summer of 2022, and said he would be "thrilled" if the initiative’s effort turned out successful.

"I would be excited to be part of it myself," Polis told CNBC. “The challenge will be it'll take a lot of money...but you know what, if your imagination is big enough, then it can happen."

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