FIDE sets a whopping $9.6 mn budget; begins the bidding process for the World Championship

In light of Gukesh’s attendance, which is generating a lot of attention, AICF’s newly elected secretary, Dev Patel, stated on Thursday that the national organization is willing to host the grand finale.

Money

By Sneha Sengupta On Apr 27, 2024

The World Championship match between Chinese champion Ding Liren and Indian prodigy D Gukesh will cost the All India Chess Federation (AICF) more than Rs 80 crore (USD 9.6 million). From November 20 to December 15 is the tentative window for scheduling the main match.

In anticipation of the highly anticipated showdown, the world governing organization of chess, FIDE, invited bids on Saturday.

After winning the Candidates Tournament in Toronto on Monday, 17-year-old Gukesh became the youngest world title challenger in history.

A budget of Rs 8.5 million (about Rs 71 crore) and a facilitation fee of USD 1.1 million (approximately Rs 9 crore) for the world body are the fundamental requirements set forward by FIDE for a potential bidder. The competition will last for twenty-five days, and the rules will be approved by July 1.

Since the prize budget was increased from USD 2 million (Rs 17 crore) in 2023, the total amount of money awarded by FIDE is approximately USD 2.5 million (Rs 20 crore plus). The terms of remuneration for sponsorship, broadcasting, and commercial rights will be determined by the bids.

A comprehensive budget breakdown, including with plans for payments to FIDE for commercial and sponsorship rights, payments for broadcasting rights, and the allocation of these rights between FIDE and the organizers, must be provided by the applicant.

Gukesh will face against current world champion, Ding Liren, Chinese super grandmaster

Patel mentioned in an interview with PTI, “We are open to discussion with FIDE, the apex chess body, and we are certain that the best world championship will be held in India.”

“For me now, the most important aim is not to look at this as a World Championship proposal to FIDE, but to actually manifest this into making chess a popular sport in the country,” he continued.