New DAO Forms to Raise Money to Purchase Denver Broncos US National Football League Team

A new decentralized autonomous organization (DAO) has been founded to gather funds in order to acquire the Denver Broncos of the United States National Football League for around $4 billion. BuyTheBroncos DAO wants to provide football fans with the opportunity to own a piece of the club regardless of their financial situation.  “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of Denver Broncos,” said Sean O’Brien, a former Cisco employee and a part of the DAO during a talk with CNBC on February 19. If this plan succeeds, it would join the Green Bay Packers as a fan-owned NFL franchise. Fans interested in owning a part in the Broncos through the DAO could invest as much as they wanted, without being forced to pay $300 per share as the Packers ask for.  The fans that wish to contribute Ether (ETH) as a donation to the team’s acquisition will receive NFT (nonfungible tokens), which in the words of BuyTheBroncos.com ‘will double as your ‘membership card’ that grants you access to the cooperative.’ Presently, BuyTheBroncos has a total of 630 Twitter followers that include attorneys, accountants, software developers, athletes, mathematicians, etc. The team’s trustees have stated a desire to transfer ownership to a new party before the beginning of the 2022 season, however, a buyer wouldn’t be able to earn any of the discounts.  ESPN anticipates the franchise to sell for $4 billion, resulting in paying the largest amount ever for a North American sports team. An uncertainty resides, whether Roger Goodell, the NFL Commissioner would let a DAO own and operate the National Football League Team.  A DAO allows relatively small investors to pool their funds in order to make a substantial investment as a single entity. This strategy was earlier used by Constitution DAO, which sought to buy a first-edition print of the U.S. Constitution.  This strategy received $47 million from 17,437 contributors, however, fell short during the auction. Keeping the case aside, DAOs have lately been utilized to help crowdfunding endeavors, like the recent Freedom Convoy moment in Canada. 

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