A DAO is raising $4 billion to buy the Denver Broncos

BuyTheBroncosDAO, a new Decentralized Autonomous Organization (DAO), has been founded to raise funds in order to acquire the Denver Broncos, an NFL team, for around $4 billion.

“The goal is to create an infrastructure that will enable supporters from all walks of life to become owners of the Denver Broncos.” – Sean O’Brien, a former Cisco employee who is one of the DAO’s organizers, told CNBC.

According to O’Brien, the DAO would be incorporated as a cooperative, with individuals that participate on the DAO having a parallel ownership stake in the cooperative.

Colorado Governor Jared Polis  expressed his approval of the concept:

“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”.

According to the rules of NFL, ownership of a team must be led by a single individual who owns at least 30% of the team, with some exceptions for family ownership structures. Additionally, each team is limited to 32 owners, and all sales are subject to NFL approval. 

This story is yet another indication that DAOs can invade the most different areas of our lives over the next few years.