New DAO Tries To Purchase The NFL’s Denver Broncos For $4 Billion

A new DAO dubbed BuytheBroncosDAO is trying to purchase the NFL Denver Broncos for $4 million as we can see furhter in today’s latest cryptocurrency news.

From attempting to buy the US Constitution to Super Bowl ads, the DAOs are trying to spend big, and now accoridng to CNBC, a new DAO tries to buy the Denver Broncos. The decentralized autonomous organization is one of crypto’s latest buzzwords and it refers to a group of people that join forces to raise funds for a common mission. This mission in this case is to purchase the NFL Denver Broncos. Sean O’Brien who is leading the DAO 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.”

The DAO dubbed BuyTheBroncosDAO will have to hit the $4 billion valuation mark to be successful and the initaitive like other DAOs, has strong political support as well. Colorado Governor Jared Polis said that he would be excited to be a part of the DAO’s ambitions:

“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.”

This is not the first time DAO tried to reach a huge purchasing goal. Back in 2021, the ConstitutionDAO tried to purchase a copy of the US Constitution at a Sotheby’s auction. The DAO raised over $40 million in about a week but then lost out to Citadel’s anti-crypto CEO Ken Griffin. SuperDAO tried to purchase a Super Bowl ad on account of the many crypto ads that aired during the game. SueprDAO was not really successful and it only raised about $20,000 which is far from the $6.5 million 30 second worth of ad space that was going for on the day. Apart from the political support, BuyTheBroncosDAO comes with an entirely different governance structure.

Derek Sorenson, a computer science student at Cambridge University who is advising the BuyTheBroncosDAo whos aid that the DAO if successful gives people partial ownership over the Broncos franchise and control over the team is managed. If the BuytheBroncosDAO fails to meet the goal and it has a backup plan as well.
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If the DAO doesn’t raise the funds, the organizers are aiming to raise about 25% of these funds and then coordinate with traditional investors.