Another group has entered the fray for ownership of the Denver Broncos — representing not just a new bidder, but an entirely new concept.
BuyTheBroncos, a decentralized autonomous organization (DAO), is looking to raise over $4 billion to purchase the team.
- The DAO, which uses blockchain technology to verify ownership and establish governance rules, includes a group of attorneys, accountants, software developers, and pro athletes. It is led in part by former Cisco attorney Sean O’Brien.
- “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos,” O’Brien told CNBC.
- Colorado Gov. Jared Polis announced the state would accept cryptocurrencies for tax payments, expressed support for the project, and said he would “be excited to be part of it myself.”
The DAO could conflict with NFL bylaws, which require every ownership group to have a principal owner with a 30% stake and cap groups at 24 people.
Growing Herd
A handful of others are considering a bid for the team. Byron Allen and groups that include John Elway and Peyton Manning have all shown interest. Robert F. Smith and Jeff Bezos have not committed to bids but could still enter the stakes.
The sale is expected to break the record for the largest sports team purchase in U.S. history.
