Company Announcements

23 October 2024

World Chess Plc

("World Chess" or the "Company" or the "Group")

World Chess announces plans to Launch the World Chess Tour

An Elite Global Chess Circuit for the Sport's Biggest Stars

World Chess (LSE: CHSS), a leading chess organisation committed to enhancing the global mass market appeal of chess by introducing a variety of innovative chess-related activities, is pleased to announce the planned launch of the World Chess Tour ("WCT") in 2025. The proposed global circuit is expected to feature chess's biggest stars alongside rising talents in a series of tournaments modelled on the ATP Tour in tennis. The WCT has been designed to revolutionise competitive chess by providing an annual structured, high-profile series of events where players can compete for prestigious titles, major prize pools, and global recognition.

The WCT proposes to feature weekly high-stakes online tournaments, as well as six to eight open tournaments ("Opens") in major global cities, followed by two Grand Slam events and a year-end Championship. The tour's points-based ranking system will create clear pathways for players to climb the rankings, culminating in a showdown among the world's top eight players for the World Chess Tour Champion title.

Ilya Merenzon, Chief Executive Officer of World Chess, commented:

"It's about time chess reached a permanent position among major sports. For the first time, the sport will have a structured tour with short, thrilling formats and major prizes, accessible to both elite players and aspiring talents. Our aim is that chess will have its own version of the ATP Tour."

An Elite Event for Chess's True Stars

Like the ATP Tour in tennis, the WCT will offer a platform for the world's top players to compete across a structured series of events. The tour is expected to attract the most recognised players in the sport, offering them the opportunity to showcase their skills in high-stakes tournaments with global media coverage.

Large Opens in global cities are expected to be the entry point into professional chess for up-and-coming talent. The two Grand Slam events are expected to feature 64 of the world's top players, all competing for major prize money and prestige. These events, combined with the End-of-Year Championship for the top eight players, will likely create a spectacle of elite competition, establishing the WCT as the premier stage for professional chess.

With prize funds targeted to reach up to $700,000 for the championship and an additional $300,000 for the season points leader, the WCT aims to provide financial incentives on par with the top sporting events globally.

A Marquee Sport Property with Global Sponsorship Opportunities

The WCT will be more than just a chess tour-it will represent a major commercial opportunity for brands. Offering six key sponsorship categories, including technology, finance, and lifestyle, the WCT is poised to attract global partners seeking to engage with chess's rapidly expanding audience. As chess continues its resurgence in global popularity, the WCT will offer brands a prime platform to reach highly engaged and diverse demographics.

World Chess will seek long-term partnerships with global sponsors, providing them with unmatched access to a sport that boasts millions of engaged fans worldwide. With potential broadcast partnerships from up to 60 global channels, the WCT is positioned to offer significant brand exposure through live events, online platforms, and televised matches.

Tournament Structure and Pathways for Rising Talent

The WCT's structured format will feature rapid chess as its main competitive format, providing a fast-paced and spectator-friendly experience. The tour is expected to kick off with six to eight Opens, each designed to attract up to 500 players, offering aspiring players the chance to compete alongside elite grandmasters.

From there, the most successful players will qualify for the Grand Slam events and ultimately for the End-of-Year Championship. This structure has been designed with the intention that the WCT is not only a stage for the biggest names in chess but also a platform where new talents can make their mark.

The tournament breakdown includes:

●    Weekly Online Tournaments: Open to titled players and aimed at broadening participation, the event will be hosted by chessarena.com, the official FIDE Online Arena.

●    Open Tournaments: Six to eight events with up to 500 participants.

●    Grand Slam Events: Two elite knockout events, featuring the top 64 players.

●   End-of-Year Championship: The top eight players will battle it out for a $700,000 prize fund, with an additional $300,000 prize for the season's top points earner.

Leveraging Broadcast Expertise for Maximum Reach

Building on the Company's expertise in broadcasting high-profile events such as the World Chess Championship and the Armageddon Series, World Chess plans to bring the WCT to a global audience, with a focus on delivering high-quality live broadcasts and digital streams. The rapid format will ensure the matches are television-friendly, making them accessible to millions of viewers across a wide range of platforms.

For more information about the World Chess Tour, visit https://worldchess.com. 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

For more information, please visit https://worldchess.com/investors or contact:

Notes to Editors

About World Chess Plc

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment company and Fédération Internationale des Échecs ('FIDE') official commercial partner. World Chess organised the FIDE Championship Matches in the USA, and the UK, and revolutionised the sport by signing the biggest media partnerships in history. World Chess develops Armageddon, the chess league for prime-time television. World Chess also runs FIDE Online Arena, the exclusive official chess gaming platform. More at worldchess.com.

Certain statements contained in this Announcement constitute "forward-looking statements" with respect to the financial condition, results of operations and businesses and plans of the Company and its subsidiaries from time to time (the "Group"). Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "will", "would", "could", "considered", "likely", "estimate" and variations of these words and similar future or conditional expressions, are intended to identify forward-looking statements and forecasts but are not the exclusive means of identifying such statements. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon future circumstances that have not occurred. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. As a result, the Group's actual financial condition, results of operations and business and plans may differ materially from the plans, goals and expectations expressed or implied by these forward-looking statements and forecasts. No representation or warranty is made as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements and forecasts. The forward-looking statements and (if any) forecasts contained in this announcement speak only as of the date of this announcement. The Company, its directors, or their respective affiliates and any person acting on its or their behalf each expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements and forecasts, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation or the London Stock Exchange.