A group of crypto enthusiasts, including attorneys, accountants, and pro athletes are set to buy the Denver Broncos, a football franchise, in the form of a DAO (decentralized autonomous organization), CNBC reports.
According to the report, the group plans to raise $4 billion to purchase the franchise, which was put up for sale last week. This is the record price for a sports franchise as Steve Cohen paid $2.4 billion in 2020 for the New York Mets.
Although smart contracts were written and crypto wallets have been made, Sean O'Brien, a representative of the initiative, told CNBC that the BuyTheBroncosDAO won't officially go live until the first week of March as the project needs to cover a lot of ground fast to have a chance. He continued:
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.
Derek Sorensen, a computer science PhD student at the University of Cambridge in the UK, says the more realistic goal is to raise around 25% of the money needed. With that capital, the DAO could place the winning bid, and later join a consortium of more traditional buyers.
As To The Moon previously reported, a group of cypherpunks formed in the AssangeDAO raised nearly $40 million in ETH to help Julian Assange in his legal fight against US extradition.