The DAO is attempting to raise $4 billion in crypto to purchase the Denver Broncos, who are currently valued at $3.8 billion.
The rampant speculation around the future of the Denver Broncos was amplified when the Pat Bowlen Trust announced it was beginning the process of selling the franchise at the beginning of February.
As mentioned in the official statement, Allen & Company is acting as the Pat Bowlen Trust’s financial advisor. That is notable because Allen & Co. oversaw the sale of the Carolina Panthers, which was finalized in July 2018, for a then-NFL record $2.275 billion to hedge fund manager David Tepper.
If one group of cryptocurrency enthusiasts has it their way, however, this sale will be a little different. That group has created a decentralized autonomous organization, more widely known as a DAO, called BuyTheBroncos, with the goal of doing just that.
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DAOs are revolutionary because they utilize cryptocurrency and blockchain technology to fuel investments of this size.According to Forbes, the Broncos were valued at $3.75 billion as of last August, good for 12th among the league’s 32 teams.
This specific DAO’s goal is to hit the $4 billion mark with crypto.
Former professional rugby player turned businessman Sean O’Brien is helping to lead the cause.
“We know it sounds a bit crazy, but it’s also a bit badass,” O’Brien told CNBC. “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”
“We want this effort to essentially open up peoples’ eyes to what DAO can do in the real world and make a tangible connection between this Web3 life and the real world,” he continued. “Our thought is that it accelerates DAO adoption for solving real-world problems, such as food scarcity or unhoused peoples.”
The idea of a group buying a team in cryptocurrency seems outlandish, but the organization has the support of Colorado Gov. Jared Polis, who announced plans for the state to begin accepting cryptocurrencies for state tax payments by the end of this summer.
“If your imagination is big enough, then it can happen,” Polis told CNBC. “And anything I can do to make it happen, I’d be happy to. I can’t play favorites. Obviously, whoever buys the team, we’re totally, as a state, we want to have a good owner, but this would be really noteworthy for Colorado if they could pull this off.”
But BuyTheBroncos could be up against football royalty, as Peyton Manning and John Elway are reportedly interested:
Media mogul Byron Allen also confirmed his plans on “submitting a formal bid” to purchase the franchise.
Elway’s ties to the Broncos are well-documented, as he spent his entire Hall of Fame playing career in Denver, winning two Super Bowls before pivoting to his current role in their front office.
Manning, of course, won Super Bowl 50 with the Broncos before retiring in 2016.
