FIDE World Rapid & Blitz Chess Championship Makes Historic Debut in New York City

Rhea-AI Summary

The FIDE World Rapid & Blitz Chess Championship will make its North American debut in New York City's financial district from December 26-31, 2024. The tournament, sponsored by Freedom Holding Corp. (NASDAQ: FRHC), features a prize fund of nearly $1.5 million and will attract 300 of the world's best players. The event introduces a new knockout stage format and includes world-class players like Magnus Carlsen, Ian Nepomniachtchi, and Fabiano Caruana. For the first time, the championship will include a dedicated day for a Conference on Chess and Finance, bringing together chess legends and financial leaders.

Positive

• Title sponsorship of a prestigious international chess event enhances FRHC's brand visibility
• Strategic marketing opportunity in New York's financial district aligns with company's financial services focus

Negative

• None.

Insights

Market Research Analyst

While Freedom Holding Corp's title sponsorship of the FIDE World Rapid & Blitz Chess Championship demonstrates brand visibility and corporate engagement, the $1.5 million prize fund represents an insignificant expense relative to FRHC's $7.3 billion market cap. The event, while prestigious, is primarily a marketing initiative that's unlikely to materially impact the company's financial performance or stock value.

The strategic decision to host the event in New York's financial district aligns with FRHC's business focus but isn't expected to generate meaningful revenue or significantly enhance client acquisition. While the Chess and Finance Conference could facilitate networking opportunities, the overall business impact remains

Most of the World’s Top Chess Players Compete in Electrifying Rapid Format for the Most Thrilling Chess Event of the Year

NEW YORK--(BUSINESS WIRE)-- One of the most popular and prestigious chess tournaments held by the International Chess Federation (FIDE), the World Rapid & Blitz, will be held in North America for the first time ever. The championship, attracting 300 of the best players from around the world, will take place in New York City’s financial district on December 26-31, 2024.

This six-day event will showcase elite chess players from every continent as they converge on the heart of Wall Street. A prize fund of nearly $1.5 million will be presented at the tournament. Freedom Holding Corp. (NASDAQ: FRHC), a multi-national diversified financial services holding company is the title sponsor for the championship.

This year’s event introduces a thrilling twist: a knockout stage in the later rounds, making it even more challenging for the players. This new format raises the stakes, ensuring dramatic finishes and keeping players and fans on edge until the final move.

Fans wishing to experience the event in person can now purchase tickets, available at: https://tickets.fide.com/

Among the Grandmasters already scheduled to participate are:

Magnus Carlsen: Carlsen is the world’s top-rated player and reigning world champion in both the Rapid and Blitz. He has won five Rapid and six Blitz championships;

Ian Nepomniachtchi: Nepomniachtchi is a two-time world champion challenger and two-time world Rapid championship runner-up, currently ranked eighth in the world;

Alireza Firouzja: 21-year old Firouzja is the youngest player ever to break the 2800 ELO barrier;

Fabiano Caruana: Caruana, who is No. 2 in the world, headlines the list of players from the U.S. This former world championship challenger recently claimed his fourth U.S. championship title;

Wesley So: So, another U.S. heavyweight, is a key member of the U.S. national team.

Other notable players competing for the world title: Levon Aronian, one of the most experienced players, Leinier Dominguez and Samuel Sevian- a chess prodigy from New York who won the 2017 American Continental Chess Championship.

In addition to the open competitions, there will be separate events for women players, bringing together world champions, top contenders, and some of the brightest emerging talents in women’s chess, including former world champions Alexandra Kosteniuk from Switzerland, and Mariya Muzychuk from Ukraine. Former challengers China’s Lei Tingjie and India’s Humpy Koneru have also confirmed their participation.

Other elite women players coming to New York include three-time Women’s World Blitz Champion Kateryna Lagno, and two-time Women’s World Blitz Championship Anna Muzychuk, Harika Dronavalli, Vaishali R, and Zhu Jiner.

For the first time ever, there will be a day without competitive play, which will be used to host a Conference on Chess and Finance, bringing together chess legends and financial leaders to explore the fascinating intersections between the two worlds.

"This year's World Rapid & Blitz championship represents a significant milestone for chess, bringing the event to North America for the first time and coming to New York, a city with a rich chess tradition,” said Emil Sutovsky, CEO of FIDE. “Hosting this event in partnership with the Freedom Holding Corp. team is the perfect way to mark this historic celebration on Wall Street. We are preparing for a grand chess event for the audience. Whether you’re watching in person or online, the action promises to be thrilling from start to finish.”

“It’s exciting to be part of the World Rapid & Blitz championship this year as the fast chess formats, Rapid and Blitz, are among the most exciting in the sport,” said Timur Turlov, Chairman and CEO of Freedom Holding Corp. “These games demand quick decisions, sharp instincts and nerves of steel. Success in chess, like business, comes from thoughtful deliberation and strategic positioning.”

For more information about the event, including tickets, visit the official website: https://worldrapidandblitz.fide.com/

About FIDE

The International Chess Federation (FIDE) is the governing body of the sport of chess, and it regulates all international chess competitions. Constituted as a non-governmental institution, it was recognized by the International Olympic Committee as a Global Sporting Organization in 1999.

FIDE currently has its headquarters in Lausanne, but it was initially founded in 1924 in Paris under the motto “Gens una Sumus” (Latin for “We are one Family”). It was one of the very first International Sports Federations, alongside the governing bodies of the sports of football, cricket, swimming, and auto racing. It is now one of the largest, encompassing 201 countries as affiliate members, in the form of National Chess Federations. Chess is nowadays a truly global sport, with dozens of millions of players in all the continents, and more than 60 million games on average played every day.

To learn more about FIDE, visit: https://www.fide.com/

About Freedom Holding Corp.

Freedom Holding Corp., a Nevada corporation, is a diversified financial services holding company conducting retail securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries, operating under the name Freedom Finance in Europe and Central Asia, and Freedom Capital Markets in the United States. Through its subsidiaries, Freedom Holding Corp. employs more than 7,600 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Republican Stock Exchange of Tashkent, and the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange and the Nasdaq Stock Exchange.

Freedom Holding Corp.'s common shares are registered with the United States Securities and Exchange Commission and are traded under the symbol FRHC on the Nasdaq Capital Market, operated by Nasdaq, Inc. The Company has its main market of operations in Kazakhstan and has operations through its subsidiaries in 22 countries.

To learn more about Freedom Holding Corp., visit: https://www.freedomholdingcorp.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20241122870836/en/

Al Palombo (US)

Global Communications Chief

Freedom US Markets

+1 212-980-4400, Ext. 1013

apalombo@freedomusmkts.com



Anna Volkova (RUS)

Public Relations Director

FIDE

Anna.volkova@fide.com

Source: Freedom Holding Corp.

FAQ

When and where will the 2024 FIDE World Rapid & Blitz Chess Championship sponsored by FRHC take place?

The championship will take place in New York City's financial district from December 26-31, 2024, marking its first-ever North American location.

What is the prize fund for the 2024 FIDE World Rapid & Blitz Chess Championship sponsored by FRHC?

The tournament offers a prize fund of nearly $1.5 million.

What is new about the 2024 FIDE World Rapid & Blitz Chess Championship format under FRHC sponsorship?

The 2024 championship introduces a knockout stage in the later rounds, making it more challenging for players and ensuring dramatic finishes.

How many players will participate in the 2024 FIDE World Rapid & Blitz Chess Championship sponsored by FRHC?

The championship will attract 300 of the best chess players from around the world.