Enthusiasts raising billion buy team

enthusiasts raising billion buy team

The current record is held by the New York Mets, which was bought by Steve Cohen in 2020 for $2.4 billion.

Colorado Gov. Jared Polis has announced that he would be “thrilled” if the deal between the crypto group and the Denver Broncos goes through. He recently revealed plans to allow the state to collect taxes in the form of cryptocurrencies by the summer of this year.

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

The deal will face a big hurdle due to NFL rules passed in 1980 that banned community-driven ownership of teams.


A group of cryptocurrency enthusiasts is aiming to raise $4 billion to buy NFL team the Denver Broncos through a Decentralized Autonomous Organization (DAO), or a group of individuals who act without a leader and rely on crypto technologies to track and validate its inner workings.

DAOs use smart contracts and are built on blockchain technology, functioning as an online cooperative.

“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,” the group seeking to buy the NFL team said on their website.

“Your membership in the cooperative makes you an owner of the Broncos and, thus, able to participate in the governance.

NFT sale, ended Thursday morning.

The idea isn’t exactly a slam dunk yet.

For one thing, it is no where in the universe of what the group would need to place a credible bid on even the least-valuable NBA team (The Memphis Grizzlies, estimated to be valued around $1.3 billion).

Second, convincing the NBA to be open to a collectively-controlled crypto investment might not be the easiest sales pitch.

Organizers of Krause House DAO are asking the public to please refrain from laughing.

“We understand the reader’s first instinct may be to scoff at this and say owners will never let this happen,” reads the group’s so-called “flightpaper,” a nod to the more traditional white paper research report.

“It’s important to understand that there was a time not too long ago where players were at the same place on the totem pole where fans are today,” it says.

Enthusiasts raising billion buy team-e

NFL team Denver Broncos is officially up for sale and a group of crypocurrency enthusiasts are planning on putting their hat in the ring.

A decentralized autonomous organization, more commonly known as a DAO is raising the $4 billion USD in capital needed to acquire the Broncos. One of the major players spearheading the efforts is Sean O’Brien, who previously spent a decade in Cisco’s legal department.

He said, “We know it sounds a bit crazy, but it’s also a bit badass. The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”

O’Brien confirms that the DAO does not officially go live until the first week of March.
Dubbed the BuyTheBroncos DAO, they are willing to pay top dollar for the franchise.

Enthusiasts raising billion buy team-up

Some turned to acquiring NFTs — a kind of limited-edition digital collectible — but now there is a growing push to move on to loftier ideas, like trying to help create the next version of the Internet. This, dubbed Web3, seeks to give collective control of major online sites to the crypto masses.

A DAO is part of that utopian dream, only now hoping for collective ownership of things in the real world, like an NBA team.

Investor Michael Lewkowitz, who put the equivalent of $100,000 into Krause House DAO, dismissed questions about whether the effort is just the latest crypto community publicity stunt.

“Kraus House is absolutely serious,” Lewkowitz said in an interview. “We’re used to thinking about a billionaire buying a team as a one-time event. But this will be different. It’s about people coming together and taking ownership of something they’re really passionate about.

Enthusiasts raising billion buy team19

The current record is held by the New York Mets, which was bought by Steve Cohen in 2020 for $2.4 billion.

Colorado Gov. Jared Polis has announced that he would be “thrilled” if the deal between the crypto group and the Denver Broncos goes through.

He recently revealed plans to allow the state to collect taxes in the form of cryptocurrencies by the summer of this year.

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

The deal will face a big hurdle due to NFL rules passed in 1980 that banned community-driven ownership of teams.

NFT sale, ended Thursday morning.

The idea isn’t exactly a slam dunk yet.

For one thing, it is no where in the universe of what the group would need to place a credible bid on even the least-valuable NBA team (The Memphis Grizzlies, estimated to be valued around $1.3 billion).

Second, convincing the NBA to be open to a collectively-controlled crypto investment might not be the easiest sales pitch.

Organizers of Krause House DAO are asking the public to please refrain from laughing.

“We understand the reader’s first instinct may be to scoff at this and say owners will never let this happen,” reads the group’s so-called “flightpaper,” a nod to the more traditional white paper research report.

“It’s important to understand that there was a time not too long ago where players were at the same place on the totem pole where fans are today,” it says.

The DAO is regulated by smart contracts which ensure every single member is subject to the same rules.”

The crypto group includes people from a wide range of occupations like athletes, accountants, attorneys, and software developers, with a stated aim to buy the Denver Broncos “as a community,” and put the ownership of the team in “the hands of the fans.”

If the group fails to buy Broncos in whole or in part, all the money collected will be reimbursed. The group’s DAO is expected to go live in the first week of March.

ESPN estimates the Denver Broncos to be valued at just below $4 billion.

The team’s trustees earlier said that they intended to sell the Broncos by the start of this year’s season.

If the Broncos are sold, it would be the highest price tag for a team in the history of North American sports.

Some turned to acquiring NFTs — a kind of limited-edition digital collectible — but now there is a growing push to move on to loftier ideas, like trying to help create the next version of the Internet. This, dubbed Web3, seeks to give collective control of major online sites to the crypto masses.
A DAO is part of that utopian dream, only now hoping for collective ownership of things in the real world, like an NBA team.

Investor Michael Lewkowitz, who put the equivalent of $100,000 into Krause House DAO, dismissed questions about whether the effort is just the latest crypto community publicity stunt.

“Kraus House is absolutely serious,” Lewkowitz said in an interview. “We’re used to thinking about a billionaire buying a team as a one-time event. But this will be different. It’s about people coming together and taking ownership of something they’re really passionate about.

Denver Broncos, but then also having a participatory hand in managing the operations of them moving forward,” O’Brien said.

Another way to think of DAO is crowdfunding, except with the opportunity to vote on and influence decisions. It’s a community of people with no single leader who share a common goal.

In this case, the goal is to raise $4 billion in both cryptocurrency and cash to place the winning bid on the Broncos.
The Broncos sale structure is likened to an auction, which means the highest bidder wins.

O’Brien’s team working on the final touches of the DAO before it goes live includes attorneys, accountants, developers, mathematicians, marketers and former pro athletes. An announcement for the DAO’s official launch is expected in the coming weeks.

“We are optimistic, but at the same time, we’re pragmatic.

Thousands of cryptocurrency investors recently raised more than $40 million and nearly — but ultimately fell short of — purchasing a copy of the U.S. Constitution.

Now, a separate group of crypto fans is building momentum with another acquisition target: An NBA franchise.

In both cases, the crypto enthusiasts organized under what’s known as a decentralized autonomous organization, or a DAO, which is an online group with a collective bank account and a mission statement.

Calling itself Krause House DAO, a reference to the late Chicago Bulls general manager, Jerry Krause, the group of some 2,000 members raised the equivalent of $4 million U.S. in the cryptocurrency Ethereum in six days.

Thousands of cryptocurrency investors recently raised more than $40 million and nearly — but ultimately fell short of — purchasing a copy of the U.S. Constitution.

Now, a separate group of crypto fans is building momentum with another acquisition target: An NBA franchise.

In both cases, the crypto enthusiasts organized under what’s known as a decentralized autonomous organization, or a DAO, which is an online group with a collective bank account and a mission statement.

Calling itself Krause House DAO, a reference to the late Chicago Bulls general manager, Jerry Krause, the group of some 2,000 members raised the equivalent of $4 million U.S.
in the cryptocurrency Ethereum in six days.

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