thecoinrepublic.com
- A new decentralized autonomous organization (DAO) has been founded to gather funds in order to purchase the Denver Broncos of the US National Football League for around $4 billion.
- It’s uncertain whether NFL Commissioner Roger Goodell would let a DAO buy and run a club.
Your chance to buy the club
BuyTheBroncos DAO intends to allow fans of all income levels the opportunity to buy a piece of the club. Former Cisco employee Sean O’Brien, one of the DAO’s organizers, told CNBC on Feb. 19: “The idea is to simply put in place infrastructure that will allow Denver Broncos fans from all walks of life to claim ownership.”
If it is successful, it will join the Green Bay Packers as one of the NFL’s fan-owned clubs. Fans who want to own a piece of the Broncos through the DAO can donate as little as they want, as compared to the Packers’ $300 per share.
Members of the DAO who donate Ether (ETH) to purchase the team will receive a non-replaceable token (NFT), which “will act as your membership card,’ granting you access to the co-op,” according to BuyTheBroncos.com.
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#NO discount
BuyTheBroncos presently has 630 Twitter followers, who include attorneys, accountants, software developers, professional athletes, and a mathematician.
The trustees of the team have stated a desire to sell the team to a new owner before the start of the 2022 season, but there will be no discount for the buyer.
ESPN anticipates the organization to sell for $4 billion, the biggest price ever paid for a North American sports team.
A DAO enables relatively small investors to pool their assets in order to make a substantial investment as a single entity. This method was used by Constitution DAO, which sought to buy a first edition of the United States Constitution. It received $47 million in funding from 17,437 supporters but fell short at auction.
DAOs have also lately been utilized to assist crowdfunding efforts, such as the current Canadian Freedom Convoy movement.