The Denver Broncos are up for sale, and a group of crypto enthusiasts is aiming to raise more than $4 billion using a decentralized autonomous organization, or DAO, to make the team their own.
You can think of a DAO like a group of individuals acting in concert with no single leader. Unlike a normal pool of investors, DAOs rely on cryptocurrency technology to track and validate participation in the group, as well as to facilitate the inner workings of how to raise and distribute large amounts of cash. This group includes an eclectic mix of attorneys, accountants, software developers, pro athletes and at least one mathematician.
One of the people spearheading the cause is Sean O’Brien, who spent over a decade in Cisco’s legal department, before leaving the corporate world to run a few small businesses with his wife.
The pro football team is valued at just under $4 billion, and it is expected to garner the biggest price tag in North American sports history, according to ESPN.
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