BuyDenverBroncosDAO Could Set Precedence for Other Major Buy Outs

The relationship between digital assets and sport has been blossoming in recent months. For the U.S, major sports franchises including the NBA and the NFL have not only seen players becoming advocates of cryptos but also the respective franchises.

Back in 2020, the NBA and Dapper Labs launched the NBA NFT market place Top Shot. Here, NBA sports fans can collect or trade NBA NFTs that are video clips of NBA scoring moments.

In September 2021, the NFL and Dapper Labs announced a partnership to take pro football to the NFT marketplace. NFL sports fans can collect digital video highlights of the NFL’s biggest plays of the season. The NFLALLDAY NFT marketplace is currently in closed Beta.

Joining the NBA and the NFL is the UFC franchise. Dapper Lab and UFC launched the UFC Strike NFT platform just last month. As with the NBA and NFL NFTs, the UFC NFTs are video collectibles that can be traded on the secondary marketplace.

While the NFT market has been a big success, NFL and NBA players and UFC fighters have also embraced cryptos. A number of leading figures across the respective franchises have accepted Bitcoin (BTC) salaries in support of crypto assets.

A number of leading crypto exchanges also advertised at this month’s Super Bowl LVI. The successes of the advertising campaigns were reportedly unprecedented.

It comes as little surprise, therefore, that fans have taken things to the next level.

Fan-based DAO Eyes the Denver Broncos Acquisition

Over the weekend, news hit the wires of Denver Broncos fans and crypto enthusiasts eying to buy the NFL’s Denver Broncos. By way of a decentralized autonomous organization (DAO), fans are looking to buy the NFL team for around $4bn.

On Twitter, BuyTheBroncos states its goal and method to purchase the Mile High Stadium team.

Fan. Owned. Denver. Broncos.

Many thanks to the amazing @KenzieSigalos for the article on @CNBC.

And thank you @GovofCO for the support! CO’s ULCAA is the secret weapon to making this happen. https://t.co/IYvY7rJcRk#buythebroncos #denverbroncos #broncoscountry

— BuyTheBroncos (@BuyTheBroncos) February 19, 2022

If successful, the Denver Broncos would join the Green Bay Packers as the only NFL teams to be fan owned. According to the Green Bay Packers page, fans have supported the team through 5 stock sales, the most recent in 2011. Approximately, 361,300 people are team owners.

DAO Projects and Fan-Based Club Owners

To date, one of the most well-known DAOs was the ConstitutionDAO.  The goal of the DAO was to raise funds to purchase a rare copy of the U.S Constitution at a Sotheby’s auction. Significantly, the ConstitutionDAO and the ambitions of the BuyDenverBroncosDAO highlight just how successfully run DAO projects can influence the world of sport and beyond.

There are a number of well-known sports teams that are currently owned or partially owned by fans. In the world of soccer, some of the world’s most well-known soccer teams are owned by fans. These includes German football giant FC Bayern Munich, which is close to 82% fan owned, and Spain’s Barcelona FC, which is members owned. Barcelona FX encourages fans to become members, with a reported 144,000 members owning the club.

While fans have not bought these soccer clubs by way of DAO projects, the future could be DAO. One significant consideration, however, could be regulatory scrutiny. For U.S sports teams, the BuyTheBroncosDAO will certainly draw plenty of interest.