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Friday, August 12, 2022

Denver Broncos Purchase Possible Through DAO?

A recent decentralized autonomous organization has been created in order to raise money to buy the Denver Broncos team from the NFL. The purchase value has been set at a whopping $4 billion. The DAO called BuyThe Broncos actually aims at fans having the opportunity to own a piece of the team that they love- no matter how wealthy they seem to be.

One of the organizers of this DAO- a former employee of CISCO, Sean O’Brien, recently informed CNBC that the main purpose of the DAO was to create an infrastructure so that fans throughout the world and from all walks of life would be able to claim ownership of the NFL team. 

Denver Broncos to be purchased through a DAO?

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If the DAO succeeds, Denver Broncos would join the Green Bay Packers as the second team in the NFL that has been owned by the fans. Most of the fans that have been looking to purchase a stake of the Broncos through this DAO would be easily able to contribute as little as they like- which is quite a stark contrast from the $300 per share that the Green Bay Packers has put up. 

BuyTheBroncos currently has around 630 Twitter followers, which include accountants, attorneys, software developers, a single mathematician, and a few professional athletes. Several trustees of the Denver Broncos have already portrayed their urgency in moving ownership over to a different party before the start of the 2022 season, yet there seems to be no discount available for the buyer. ESPN has expected that the team would be sold for $4 billion, which would make it the highest price that has been paid for any North American sports team throughout history. 

Nevertheless, what remains to be seen is if Roger Goodell, the commissioner of the NFL, would actively allow a DAO to own and operate a team- especially one as popular and famous as the Denver Broncos. 

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