Could Promotion-Relegation work in College Football?
The Denver Broncos have received five non-binding bids to purchase the team, including bids from two who are already facing off in another high-profile team sale.
The bidders include Los Angeles Dodgers, Lakers, and Sparks co-owner Todd Boehly and Philadelphia 76ers, New Jersey Devils, and Crystal Palace co-owner Josh Harris, according to Sportico. Boehly and Harris are part of two of the three finalist groups to buy Chelsea FC.
However, neither can match the financial heft of the other known bidder, Rob Walton, who is worth $70.4 billion, per Forbes.
- The other two bidders are currently unknown.
- Entertainment Studios founder, chair, and CEO Byron Allen was interested in buying the team, per reports from February.
- The NFL was reportedly courting Vista Equity Partners chair Robert F. Smith earlier in the process. Smith or Allen would be the NFL’s first Black owner, should either purchase the team.
The sale is being managed by Allen & Co., which hopes to have the team in new hands by the start of the next season. The final price is expected to top $4 billion.
How Now, Broncos DAO?
A decentralized autonomous organization (DAO) called BuyTheBroncos is raising money to purchase a stake in the team using a cooperative model.
On Tuesday, BuyTheBroncos announced its technology partner, XDAO, which “acts as both the platform to attract approximately $4 billion needed to purchase the team, and as a marketing mechanism, having attracted over $300 million in assets under management since its launch in November.”
