Norway Chess has officially closed a significant $10 million share issue, marking a major milestone in its quest to globalize the sport. The funding round, which values the company at $35 million, has attracted a star-studded lineup of investors, including the most decorated Winter Olympian of all time, Johannes Høsflot Klæbo.
The capital injection is primarily aimed at launching the Total Chess World Championship Tour, an ambitious new circuit designed to revolutionize how chess is broadcast, commercialized, and consumed by a global audience.
The new tour, officially approved by FIDE for at least 16 years, aims to emulate the high-stakes, city-to-city model of Formula 1. CEO and founder Kjell Madland believes chess is ready for a “Netflix-style” breakthrough.
“At the highest level, there are personalities, rivalries, and drama that create magical moments,” said Madland. “Now we are going to showcase those moments in a way they have never been shown before.”
The tour will focus on three disciplines, Fast Classic, Rapid, and Blitz, to crown the “FIDE World Combined Champion.” A pilot event is scheduled for November 2026, with a full four-tournament season starting in 2027 featuring an annual prize pool of at least $2.7 million.
The investment round follows the recent news of football superstar Erling Haaland joining the venture. The new “club deal” includes a powerful mix of long-term capital and sporting expertise:
- Johannes Høsflot Klæbo: The skiing icon views chess as a “broad and highly international sport” with immense long-term value.
- Thor Hushovd & Bjørn Maaseide: The former cycling world champion and the beach volleyball pioneer bring deep experience in commercializing niche sports for mass audiences.
The shift toward “Fast Classic” chess (45-minute time controls) is a strategic move to make the game more spectator-friendly while maintaining its prestige. With over 800 million players worldwide and 250 million registered on Chess.com, investors see a “unique opportunity” to bridge the gap between elite competition and digital fans.
The Total Chess World Championship Tour is set to officially launch in the first quarter of 2027, promising a level of production and prize money rarely seen in the history of the 1,500-year-old game.
Johannes Høsflot Klæbo photo by: Ola Høsflot Klæbo
