Crypto Group Raising $4 Billion to Buy the Denver Broncos
Updated · Mar 02, 2022
A group of cryptocurrency devotees is reportedly trying to pool funds to buy NFL team the Denver Broncos.
A DAO Buy Attempt
A collective called the BuyTheBroncos DAO is taking a punt at buying the Denver Broncos, an NFL team officially up for sale. The Broncos are hoping that a $4 billion sale can finalize before the 2022 NFL season. The group of blockchain enthusiasts is hoping to make it happen.
Sean O’Brien, one of the leaders of the group is not unaware of the loftiness of the effort. However, he hopes that it can fuel the drive for cooperative ownership.
“We know it sounds a bit crazy, but it’s also a bit badass,” he told CNBC. “The purpose essentially is to establish an infrastructure so that fans from all works of life can be owners of the Denver Broncos.”
A decentralized autonomous organization, or DAO, is a member-run organization without any central ownership. They allow collaborators to pool funds and regulate participation using smart contracts, a blockchain technology.
The BuyTheBroncos DAO is a collective comparison lawyers, accountants, software developers, professional athletes, and more.
If the sale happens, it will be the biggest in the history of American sports. The NFL team will join the Green Bay Packers as the only teams owned by cooperatives.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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