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The NFL Denver Broncos are up for sale and according to reports, a decentralized autonomous organization (DAO) is in the running to acquire the franchise.
The DAO, led by Sean O’Brien, a 10-year veteran of Cisco Systems’ legal department, is aiming to raise $4 billion when it goes live this week. According to estimates by ESPN, this is exactly what is needed for the purchase.
Since the Broncos owner, Pat Bowlen, died in 2017, the team has been run by a trust. The NFL said it would like a takeover deal finalized before the start of the new season.
O’Brien said the DAO would incorporate as a cooperative with participants in the DAO having a parallel ownership share of the cooperative.
Following rules put in place by the NFL in 1980, a decentralized community driven ownership is restricted. A team can be owned by a maximum of 32 entities and ownership must be led by someone with at least 30% equity in the team.