A group of cryptocurrency enthusiasts is taking advantage of the sale of an American football franchise, the Denver Broncos, to try to buy the team. The team is valued at just under $4 billion, and everything remains in a state of play.
Could the Denver Broncos soon be owned by a group of cryptocurrency enthusiasts? That's the aim of this group of crypto fans, who are hoping to raise $4 billion and create a Decentralized Autonomous Organization (DAO). Unlike a "traditional" group of investors, DAOs rely on crypto technology to track and validate equity participation, as well as to facilitate the internal workings of raising and distributing large amounts of cash. One of the leaders of the initiative, Sean O'Brien, explains that the main goal is "to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos."
While the deal is evidently not yet closed, the collective does have a strong supporter: the governor of Colorado, Jared Polis, who recently said he would be thrilled to see the community's effort come to fruition. As the group continues to raise funds in cryptocurrency, its aim is to give people partial ownership, so they will participate in deciding how the team is run. There are also plans to incorporate the group as a cooperative to give investors more room to maneuver.
