Earlier this month, Denver Broncos CEO Joe Ellis announced that the franchise was in the early stages of the sale process. Sports media outlets such as ESPN have valued the franchise at approximately USD$4 billion.
In response, Investors and fans have setup a decentralised autonomous organisation - or a DAO - called BuyTheBroncos to try and raise enough funds to buy the Broncos and make them a community owned team (via a DAO). The BuyTheBroncos' website says:
If we are successful in purchasing the Broncos, the fans would govern the team through a DAO, which would take the legal form of a cooperative. Your membership in the cooperative makes you an owner of the Broncos and, thus, able to participate in the governance. The DAO is regulated by smart contracts which ensure every single member is subject to the same rules.
We have previously reported on Colorado's adoption of crypto, and Colorado Governor Jared Polis has signaled his personal enthusiasm and interest in the project saying:
I would be excited to be part of it myself... The challenge will be it’ll take a lot of money… but you know what, if your imagination is big enough, then it can happen. And anything I can do to make it happen, I’d be happy to.
While it may be a stretch to raise USD$4 billion, it follows in the path of similar community minded DAOs such as the ConstitutionDAO which sought to buy a copy of the US Constitution. Expect to see more of this democratic form of leadership enabled by a DAO.
Image used under Creative Commons licence from .Sandan.