Former Cisco employee launches DAO to buy Denver Broncos
A new decentralized autonomous organization (DAO) has been formed to raise money in an effort to purchase the Denver Broncos U.S. National Football League team for around $4 billion.
BuyTheBroncos DAO aims to give fans a chance to own a piece of the team no matter their level of wealth. One of the organizers of the DAO, former Cisco employee Sean O’Brien, told CNBC on Feb. 19 that:
If it succeeds, it would join the Green Bay Packers among NFL teams owned by the fans. Fans looking to own a stake of the Broncos through the DAO could contribute as little as they like, as opposed to the $300 per share for the Packers.
Members of the DAO who contribute Ether (ETH) to purchase the team will be issued a nonfungible token (NFT) that BuyTheBroncos.com says “will double as your ‘membership card’ that grants you access to the cooperative.”
BuyTheBroncos currently has a number of professionals among its 630 Twitter followers, including attorneys, accountants, software developers, professional athletes, and a mathematician.
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
Trustees of the team have expressed some urgency in shifting ownership over to a new party before the start of the 2022 season, but there will be no discount for the buyer. ESPN expects the team to sell for $4 billion, making it the highest price for a North American sports team in history.
It is unclear whether NFL commissioner Roger Goodell would allow a DAO to own and operate a team.
Related: $53 million raised for Assange showed the power of DAOs
A DAO gives
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