![team takeover team takeover](https://i.ytimg.com/vi/aYsW5G9qZF0/maxresdefault.jpg)
![team takeover team takeover](https://i.redd.it/78bf93aspnm11.jpg)
The first one is where “majority rights” to a team could be purchased (over 50%), where ownership rights, funding, and governance would all be on-chain. There are three proposed models to Krause House involvement in team activities: a Majority Decentralized Ownership, Minority Decentralized Ownership (DAO), and Minority Decentralized Ownership (Social Tokens). Constitution, losing out to Citadel CEO Ken Griffin. ConstitutionDAO’s bid of over $40M ultimately failed to secure a rare copy of the U.S. For Sotheby’s to have allowed ConstitutionDAO to bid for the rare document, ConstitutionDAO had to establish a partnership with a crypto-exchange, as Sotheby’s doesn’t permit DAOs to bid in auctions yet. Faceless organizations are unchartered, and fall under unchartered regulatory and legal territory. It is unclear whether the NBA would allow this form of governance or ownership, and Krause House is not optimistic. The DAO has released a “flightpaper” in which it describes its vision to allow fans to own part of the club (much like owning stock) and grant governance rights to participate in club decisions. This new effort, named after the now-deceased Chicago Bulls manager Jerry Krause, has amassed over 2000 members in this latest effort. Krause House was started by friends, who go by the pseudonyms Flex Chapman and Commodore. At the time of writing, the DAO had raised 1000 ETH via NFT sales. The number of Krause tokens is equivalent to the governance stake a member will have. There are three levels of membership in Krause House, made possible by three categories of NFT sales, namely Courtside, costing 10 ETH, Club Level, costing 1 ETH, and Upper Level, costing 0.1 ETH, with Courtside granting the highest level of access and the highest allocation of KRAUSE tokens. The group raised 200 ETH in the first 15 minutes by selling NFTs on Mirror, to grant buyers access to its Discord Server and Ethereum token KRAUSE. The group has raised $4M in ETH via crowdfunding efforts, which is only about 0.3% of the cost of the cheapest NBA Franchise, the Memphis Grizzlies. Two people who go by the pseudonyms Flex Chapman and Commodore have channeled their childhood aspirations of playing in the NBA into a way to own an NBA team.Ī group known as Krause House hopes to do something ambitious: raise funds to buy an NBA franchise.