Crypto tries raising buy football team

crypto tries raising buy football team

A group of cryptocurrency enthusiasts that includes “attorneys, accountants, software developers, pro athletes, and at least one mathematician” wants to buy the Denver Broncos, according to a report from CNBC’s MacKenzie Sigalos.

The group plans to launch a decentralized autonomous organization (DAO) in early March under the name “BuyTheBroncos.” Their goal is to raise $4 billion to purchase the team.

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“We know it sounds a bit crazy, but it’s also a bit badass,” Sean O’Brien, one of the groups leaders, 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 idea has even drawn support from Colorado Gov. Jared Polis.

“I would be excited to be part of it myself,” Gov. Polis told CNBC.

While the idea sounds intriguing, it might be more of a publicity stunt than a practical attempt to purchase the NFL franchise.

“While having a fan-owned Denver Broncos in a DAO-based system would be amazing, that isn’t our final goal,” O’Brien told CNBC. “We want this effort to essentially open up peoples’ eyes to what a DAO can do in the real world and make a tangible connection between this web3 life and the real world. Our thought is that it accelerates DAO adoption for solving real-world problems such as food scarcity or unhoused peoples.”

League rules allow up to 24 people to co-own an NFL team, but every ownership group has to have a principal owner with at least a 30% stake. That rule might complicate the crypto group’s potential bid for the team.

Anyone who can come up with the money has a chance to bid, though, so if “BuyTheBroncos” secures the funds, it might be a group to watch.

The Broncos hope to complete a sale of the team before the 2022 season.

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