NFL team, the Denver Broncos, is up for sale after its owner Pat Bowlen passed away in 2019. The BuyTheBroncos DAO (decentralized autonomous organization) aims to crowdfund $4.5 billion or more to become one of the bidders, but it hasn’t got a lot of time. The NFL would like to see a new owner in place at the beginning of the season that starts in September. The DAO plans to launch non-fungible tokens (NFT) that won’t be transferrable.
According to Sportico, five groups have already progressed to the next round of bidding and will meet the team in early May. Amongst them is Rob Walton one of the Walmart heirs ranked by Bloomberg as 13th richest in the U.S. Another is Todd Boehly, who already owns MLB team LA Dodgers and NBA’s LA Lakers and just landed a deal to buy the Chelsea soccer club.
Provided it can raise a fortune in a short space of time, the BuyTheBroncos DAO might have an ace up its sleeve. The NFL wants part of the team to be owned by a minority investor. With a DAO sourcing funds from the public, there will be a huge range of members, including minorities. A year ago, a U.S. Harris Poll found that 23% of African Americans own cryptocurrencies, 17% of Hispanics and just 11% of whites.
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