XDAO, the bespoke provider of ultra-secure ultra-simple DAO utility for business clients, has been chosen as the DAO platform of choice for BuyTheBroncos, a DAO that is working to buy a stake in the Denver Broncos. Owned by the trust of the late Pat Bowlen, the Denver Broncos are expected to be sold by the end of H1 2022.
BuyTheBroncos intends to own its stake in the team through a legal cooperative, the form of ownership often associated with credit unions and grocery stores. People may join a cooperative by paying a membership fee, and members may then buy goods and use services that the cooperative provides. Cooperatives distribute profits (if any) to their members, rather than to shareholders with only a passive interest in the business. BuyTheBroncos is working with XDAO to make cooperative ownership a reality for the millions of fans who desire to own a piece of their favorite team.
Open for business since November 2021, XDAO’s framework platform offers point and click functionality for DAO creation, taking all of the complexity and routine decision-making out of the process of establishing a DAO for an organization. DAO platforms are catching major traction with business clients, as hedge funds, charity organizations, gaming guilds, real estate developers and money managers lead the way into using decentralized, transparent money management platforms that offer an option for making collective decisions and taking joint financial responsibility.
With BuyTheBroncos, XDAO acts as both the platform to attract approximately $4 billion needed to purchase the team, and as a marketing mechanism, having attracted over $300 million in AUM since its launch in November.
“A cooperative is designed to democratize how businesses are run, offering a vote to every member – and that’s exactly what a DAO does,” said Sean O’Brien, Steward of BuyTheBroncosDAO. “We view the DAO as the technology – and XDAO as a platform – that brings these cooperative business principles to life.”
If successful, BuyTheBroncos would become the first DAO, and the first cooperative, to purchase a stake in a major sports franchise in the United States. Fan ownership is an established practice in European soccer, but it is not mainstream in the U.S. Once the acquisition is done, members of BuyTheBroncos are expected to vote for a board of directors, but they would not replace front-office management’s control over day-to-day decisions.
The XDAO-based platform would offer fans NFTs that would serve as a “membership card” for BuyTheBroncos members. NFT owners would also be able to buy tokens to raise additional capital to purchase the team. These tokens would give members additional consumptive power within the DAO.
“Once the auction starts, we plan to convert any cryptocurrency raised via USDT into cash in order to make the payment required by the auction,” said Vlad Shavlidze, XDAO CEO and founder. “We hope to score a touchdown!”
Additional instructions on how to purchase BuyTheBroncos NFTs and tokens will be made available at buythebroncos.com.
