A group of crypto enthusiasts are trying to raise billions of dollars to buy the Denver Broncos professional football team.
Broncos chief executive Joe Ellis announced in early February that the team was beginning the sale process.
The National Football League (NFL) team is valued at nearly $4 billion, ESPN reports.
The “BuyTheBroncos” effort is a group of fans who want to purchase the Broncos as a community and run the team as a decentralized autonomous organization (DAO).
Explains the DAO’s website,
“If we are successful in purchasing the Broncos, the fans would govern the team through a DAO, which would take the legal form of a cooperative. Your membership in the cooperative makes you an owner of the Broncos and, thus, able to participate in the governance. The DAO is regulated by smart contracts which ensure every single member is subject to the same rules.”
The BuyTheBroncos’ fundraising doesn’t appear to be live yet, according to their website.
Sean O’Brien, a former Cisco employee, is spearheading the efforts, according to CNBC. O’Brien has reportedly launched two previous unsuccessful attempts to buy sports franchises via DAOs.
Colorado Governor Jared Polis tells CNBC he’s open to being involved in the BuyTheBroncos efforts.
“I would be excited to be part of it myself. The challenge will be it’ll take a lot of money… but you know what, if your imagination is big enough, then it can happen. And anything I can do to make it happen, I’d be happy to.”
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