Wednesday, September 28, 2022

Denver Broncos for Sale and BuyTheBroncos DAO Wants to Bid for it

A Decentralized Autonomous Organization (DAO), christened ‘BuyTheBroncos’ has been launched with the sole aim of buying the Denver Broncos, a professional football franchise, as reported by CNBC.

Earlier last week, a report was published, announcing that the 2016 NFL champions, the Broncos are available for purchase. The sale is worth a whopping sum of close to $4 billion, believed to be an all-time high price tag on an American Northern football team ever.

A Decentralized Automated Organization (DAO) is more like a pool of individuals coming together, without any specific leader, they get funding through crypto-backed fundraising with the funds designated for a defined purpose. While the DAO doesn’t have a single individual pioneering the move, it however has a few persons spearheading it, one of which is Sean O’Brien, a professional Irish rugby player.

According to the report, Sean had said that while the attempt at buying the football club sounds daring, “it’s also a bit badass.” Mentioning further that the plan for pushing for the unbelievable purchase, if achieved is to ensure that supporters from all spheres of life have a share in the ownership of the Denver Broncos.

In a published report earlier in this month, the president of the Denver professional football team had announced that the sale process of the franchise would have been completed before the beginning of the 2022 NFL season, which is slated for 8th September 2022. O’Brien however has great hopes that the structures needed to acquire the 2016 NFL champions through the DAO will be fully completed before the commencement of the new tournament. 

To facilitate the DAO movement, a Twitter account was created to support the BuyTheBroncos DAO, and as of the time of writing this report, the followers had grown to 795, up from the 50 followers according to the quoted report. This growth in followership is evidence that more persons are choosing to back the initiative. Amongst the DAO’s supporters is Governor Jared Polis, who wants to introduce a new policy by which residents can pay for their taxes through cryptocurrencies.

This initiative is not the first time a DAO is attempting at using cryptocurrency crowdfunding to acquire a physical asset. The BuyTheBroncos DAO plans to raise 25% of the funds while seeking the balance from mainstream investors.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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