World Chess PLC Launches Global Chess Tour, Shares Surge

3 min read | October 23, 2024 01:50 PM AEDT | By Team Kalkine Media

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World Chess PLC Launches Global Chess Tour, Shares Surge — Image source: Shutterstock

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Highlights:

World Chess announces the World Chess Tour (WCT), a global competition featuring six annual open tournaments, Grand Slams, and a championship.

Top stars like Magnus Carlsen and Hikaru Nakamura, along with young talents, will participate in the tour.

Shares surged 21% following the announcement, supported by recent investment from Blitz Intelligence FZCO.

Shares in World Chess PLC (LSE:CHSS) surged 21% after the company announced the launch of the World Chess Tour (WCT), a global competition modelled on the ATP tennis tour. Starting in 2025, the tour will feature at least six annual open tournaments in major global cities, two Grand Slam events, and a year-end championship where the biggest names in chess will compete.

The WCT will showcase top chess stars, including former world champion Magnus Carlsen and Hikaru Nakamura, alongside rising talents like 15-year-old Shreyas Royal from the UK and nine-year-old prodigy Bodhana Sivanandan. The competition will also include weekly high-stakes online tournaments, allowing elite players and aspiring talents to compete regularly.

World Chess CEO Ilya Merenzon, co-founder of the company, emphasized the significance of this new structured tour. “It's about time chess reached a permanent position among major sports,” said Merenzon. He added that the tour’s points-based ranking system will create clear pathways for players to progress, with the top eight players competing for the World Chess Tour champion title.

The announcement follows the company’s recent strategic partnership with Blitz Intelligence FZCO, a gaming technology consultancy that acquired €1.2 million of shares at a 58.6% premium to the then-share price. This investment is expected to support World Chess’ growth initiatives, including the development of the new tour.

The format of the World Chess Tour will introduce a faster, more dynamic approach to the game, aiming to make it more accessible and engaging for both players and audiences. Merenzon said the tour will feature “short, thrilling formats and major prizes,” helping to elevate chess to a new level in the world of competitive sports.

The WCT marks a departure from traditional chess competitions, providing a consistent, structured format for players to compete throughout the year. The tour will culminate in a final showdown between the top-ranked players, with the ultimate goal of crowning the World Chess Tour champion.

Shares in World Chess PLC jumped to 4p following the announcement, though they remain below the August peak of 18p. The market's positive response reflects growing enthusiasm for the company’s efforts to modernize and elevate chess as a global sport.

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