World Chess Championship Clash: FIDE Invites Bids, Sets Budget At USD 9.6 Million

The marquee match is tentatively scheduled between November 20 to December 15.

Chess' global governing body FIDE on Saturday invited tenders from prospective bidders for the much-anticipated match.

AICF's newly-elected secretary Dev Patel on Thursday expressed the national body's willingness to host the grand finale which is garnering a lot of interest due to Gukesh's presence.

The 17-year-old Gukesh became the youngest ever challenger for the world title by winning the Candidates Tournament in Toronto on Monday.

The basic criteria outlined by FIDE for a prospective bidder is a budget of Rs 8.5 million (Rs 71 crore approx) and a facilitation fee of USD 1.1 million (Rs 9 crore) for the global body. The duration of the tournament is 25 days and approval of regulations will be completed by July 1.

The total prize money awarded by FIDE is around USD 2.5 million (Rs 20 crore plus) as the prize fund was increased from USD 2 million (Rs 17 crore) in 2023.

The payment for commercial, sponsorship and broadcasting rights will be specified according to bidders' proposals.

The organiser shall respect the rights of the FIDE sponsors and partners, including for the video broadcast.

The prospective bidder (Applicant) must indicate the exact breakdown of the budget by item, including proposals for payments to FIDE for the commercial and sponsorship rights, payment for the broadcasting rights and the distribution of sponsorship and broadcasting rights between FIDE and the organisers.

The final decision of FIDE will be based on the totality of all the proposed conditions and interests of chess development and the deadline will be May 31.

Earlier, Patel told 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 added.