Could a group of crypto enthusiasts buy an NFL team?
A decentralised autonomous organisation could be in the running to buy an NFL team
DAOs allow groups of people and entities to work together as a cooperative to achieve a common objective without the need for managers or hierarchies
The cooperative will need to raise $4 billion to complete the purchase
The US Football League’s Denver Broncos is up for sale, and it looks like a decentralised autonomous organisation (DAO) is the favourite to make the purchase. ESPN estimates the value of the team is $4 billion, which is what the DAO will need to raise to complete the purchase.
The DAO is being led by Sean O’Brien, a former legal member of tech conglomerate Cisco Systems. According to O’Brien, the DAO is scheduled to go live this week.
O’Brien also confirmed the DAO would also incorporate as a cooperative, and participants in the DAO would have a parallel ownership share of the cooperative.
“The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos,” said O’Brien.
Fans, players, and DAO members alike will have to wait and see if the purchase can be made, as rules state that ownership must be led by a single person that has at least 30% equity in the team.
However, Wisconsin’s Green Bay Packers have been owned by a community cooperative since 1923, but are allowed to operate as such thanks to a grandfather clause.
Should the purchase be a success, the Denver Broncos will be the second team to be owned by a cooperative, alongside the Green Bay Packers. You can track the sale of the Denver Broncos here.
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