Crypto Enthusiasts Want to Raise $4B to Buy Denver Broncos

A group of crypto enthusiasts is looking at raising over $4 billion from a decentralized autonomous organization to buy the Denver Broncos, CNBC writes.

A DAO (decentralized autonomous organization) is as a group of individuals acting without a leader.

DAOs rely on crypto technology to track and validate participation in the group and to dictate the inner workings of how to raise and distribute large amounts of cash.

The price tag for the Denver Broncos is just under $4 billion and will likely be the biggest sale in North American sports history, ESPN says.

The DAO is comprised of a mix of attorneys, accountants, software developers, pro athletes, and at least one mathematician, CNBC wrote.

Sean O’Brien, who spent a decade in the legal department of Cisco before leaving to run some small businesses, is among the leaders of the cause.

“We know it sounds a bit crazy, but it’s also a bit badass,” said 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.”

Trustees of the Broncos say they want to sell the team by the start of the 2022 NFL season. The DAO, O’Brien said, doesn’t officially go live until the first week of March. The “BuyTheBroncos” cause, as it’s been termed, has its work cut out for it.

That said, CNBC writes that the collective has a secret weapon — Colorado Gov. Jared Polis, who recently debuted plans to accept cryptos for tax payments as of this summer. Polis said he’d be “thrilled” if the effort works out and said he wanted to be a part of it himself.

PYMNTS wrote about Polis’s plan, saying it was a way to offer consumers more convenience.

Read more: Colorado Plans to Accept Crypto for Tax Payments by End of Summer

“[W]e want to accept payment in a wide variety of cryptocurrencies, just as we do in credit cards,” Polis said Wednesday (Feb. 16).