Like ConstitutionDAO, BuyTheBroncos has captured the hearts and minds of America. Every one is hoping for the underdog to finally come through. But there is one big problem…
- BuyTheBroncos DAO
- The NFL’s Ownership Rules
@BuyTheBroncos dm me, we can make this happen. Green bay 2.0
— Sean Bucher (@spbucher) February 20, 2022
The other day CNBC reported on the BuyTheBroncos DAO attempting to purchase the NFL’s Denver Broncos.
“We know it sounds a bit crazy, but it’s also a bit badass,” said Sean O’Brien, the man heading up the DAO. “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”
To purchase the Broncos, it’s estimated that the winning bid will need to be somewhere north of 4 billion USD. BuyTheBroncos has yet to even start raising money — the DAO goes live the first week of March. But it already has some high profile supporters, like Colorado governor Jared Polis. “…anything I can do to make it happen, I’d be happy to,” Polis said at ETHDenver.
It’s a pleasant, feel good story — the kind of thing we need in crypto right now. But the problem is, it’s not possible.
And, for reasons that have nothing to do with money.
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NFL’s Ownership Rules
The NFL has a quirky ownership rule that the other major sports leagues don’t have. That is, the NFL requires a controlling owner to hold a minimum of a 30% stake in a team. Meaning, one person has to be the figurehead. You can’t have a corporation owning an NFL team the way Time Warner owns the MLB’s Atlanta Braves.
Of course, the NFL has made one exception: the Green Bay Packers. Located in a Green Bay (Pop. 104,000) the NFL circumvented its own rules to keep the team because of its historical signifance to the league — the franchise won the first Super Bowl.
There is chatter the NFL could circumvent the rules again, but it would be to bring in a black ownership group. The BuyTheBroncos DAO isn’t the sort of thing the NFL would be willing to bend its rules for, unfortunately.
But hey, maybe the internet can convince a certain crypto billionaire who’s always telling us how sunny it is in Colorado to be the principle owner?
— Charles Hoskinson (@IOHK_Charles) August 29, 2016
Now that’s some hopium.
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