A recent report by media house ESPN that Denver Broncos is up for sale has gotten a group of crypto enthusiasts planning to purchase it through a Decentralized Anonymous Organization (DAO).
According to CNBC, a group of like-minded crypto junkies including lawyers, accountants, software engineers, and at least one mathematician teamed up after ESPN reported the planned sale on February 1, intending to buy the Denver-based American football franchise, which is valued at just under $4 billion.
The project, which is being led by Sean O’Brien, a former lawyer at Cisco seeks to bring the club under the leadership of the DAO where every member shall have equal property rights eliminating the bureaucracy and snags associated with traditional verticle leadership systems.
“We know it sounds a bit crazy, but it’s also a bit badass,” O’Brien told CNBC “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”
The sale is expected to be completed before the 2022 NFL season starts and could become the largest in North American Sports history. O’breil however said that the DAO would go live in the first week of March to give ample time for smart contracts and crypto wallets to be set up, as well as spread the word in a bid to get enough investors.
Currently, the DAOs Twitter page has a little over 50 followers. Despite the amount in question being too high, Derek Sorensen, the mathematician in the DAO believes they can raise the $4B, especially now that more people are familiar with such organizations.
“It’s definitely possible in the world of crypto. That sum of money is not unheard of,” said Sorensen. “I’m very, very confident that this sum of money is absolutely doable in web3.
Colorado’s Governor Jared S. Polis has also supported the DAO noting that “it sure” would be great if it could seal the deal.
“I can’t play favourites. Obviously, whoever buys the team, we’re totally, as a state, we want to have a good owner, but this would be really noteworthy for Colorado if they could pull this off,” said Polis.
The “BuyTheBroncos” DAO now joins a growing list of DAOs and if all goes well, it could be the largest by Total Value Locked beating Orgs such as BitDAO which currently has more than $2.5 billion in TVL.
With the growing popularity and subsequent adoption of Web 3.0, DAOs are fast becoming the way to go with Billionaires such as Mark Cuban championing for and announcing massive investments in the sector.
Popular DAOs such as ConstitutionDAO which raised over $40M in a matter of days to purchase a rare physical copy of the U.S.constitution have been a clear pointer as to how effective DAOs can be.