The development of sports is impossible without sponsors who provide money for holding tournaments and paying for athletes’ achievements. This is especially true for sports that are deprived of television attention and do not attract fans to the stadium stands. Chess is one of these competitions and needs a constant influx of sponsors. Therefore, the initiative of Freedom Holding Corp. is important for this sport.
Partnership Features
The company has been cooperating with the International Chess Federation for several years, which was demonstrated in the sponsorship of the World Rapid and Blitz Chess Championships in Almaty in 2022. Two years later, the competitions were already held in New York and not just anywhere, but on Wall Street, which is a symbol of the business center of the world.
The founder and president of Freedom Timur Turlov is a supporter of long-term cooperation with FIDE in this area, because chess, in his opinion, represents not only sports, but also culture.
At the same time, sponsorship is not limited to this sport; the company directs funds to other projects. This resulted in the transfer of $82 million in environmental, social and corporate governance to various events in 2024 alone.
Holding such a significant competition not only increased the recognition of Freedom Holding Corp, but also allowed to combine the popularity of chess and attract talents and finances for the further development of this ancient game.
Features of the competition and its importance
This version of the competition differs from chess with a classic time control. The games are allotted 15 minutes with an addition of 10 seconds for each move made in rapid (fast chess), and 3 minutes with an addition of two seconds per move in blitz. This format attracts many fans in real time, because real collisions are played out at the board, emotions are expressed, which allows chess to compete with other dynamic sports.
This option, as Timur Turlov rightly notes, is similar to business, when it is necessary to make decisions quickly, and at the same time carefully, taking into account many circumstances. The synergy of chess and business in this sense is especially pronounced. By sponsoring chess competitions, Freedom gives them a new impetus, increases their popularity, and attracts new young talents. The World Championship served as a bridge between sports, culture, and business, which is what Turlov himself and the structure he manages strive for.
