World Chess checks for knight in shining armour investor

World Chess is to check around for a knight in shining armour for an €8 million (£7 million) buy out after the promotion body’s board decided to float it on the open market.

The organisation that was established in 2017 and promotes the “mass market appeal of chess globally”announced its intention to float on the London Stock Exchange. The offer is expect to take place next month on the main market for listed securities. 

Russian-born Israeli billionaire tech investor Yuri Milner, who has previously invested in Facebook, Twitter and Spotify, is understood to be one of the potential investors already circling the World Chess sale.

Just this week Milner handed his passport back to Russia in protest at the country’s invasion of Ukraine.

World Chess controls the FIDE gaming platform, events and competitions, clubs, media, talent, sponsorship and merchandise. The body said it wanted to develop the sport so that it  “looks like a hybrid of e-sports with a Nobel prize awards ceremony”.

Chess has recently been given a huge boost in popularity by the sport’s portrayal in the runaway Netflix hit show ‘The Queen’s Gambit’ staring US actress Anna Taylor-Joy.

The Cold War-era drama pulled in one of the largest ever audience numbers with more than 60 million viewers tuning in to the streaming service, taking chess back into the mainstream.

The sport has also been bolstered by the emergence of new talent including maverick bad boy Hans Niemann and female players being lauded including Hungarian chess grandmaster Judit Polgár  and fellow grandmaster China’s Hou Yifan.

Ilya Merenzon, CEO of World Chess, said: “There continues to be an explosion of interest in chess, which has accelerated through recent years and even more during the pandemic. To keep pace with this growth we are scaling up our operations and expanding our range of services internationally.

“We believe chess is the only remaining mass participation sport not yet fully benefiting from the creativity and investment of the commercial sector. As the business world begins to recognise the opportunity to profitably offer chess fans more of what they want, there is an incredible opportunity to continue increasing interest in chess worldwide.“