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MOSCOW, August 30. /TASS/. The 2017 World Chess Cup, which kicks off on Saturday in the Georgian capital of Tbilisi, will offer up to $1 million in prize money up for grabs, Kirsan Ilyumzhinov, the president of the International Chess Federation (FIDE), told TASS on Wednesday.
"The overall sum of prize money offered at the tournament amounts to $1 million," Ilyumzhinov said in an interview with TASS.
The 2017 World Chess Cup, which is scheduled to be held in Tbilisi between September 2 and 28, will for the first time see participating the current world champion, Magnus Carlsen of Norway. The winner of the World Chess Cup and his runner-up will be granted places in the 2018 FIDE Candidates Tournament.
"Carlsen admitted that the World Cup’s knockout system is the most honest and democratic way to determine the best player," Ilyumzhinov said. "This is why he decided to come to Tbilisi and participate in the tournament."
"The player from FIDE’s current top-30 list is capable of winning the (World Chess Cup) tournament and be granted a berth in the Candidates Tournament," the FIDE president added.
Reigning World Chess Champion Magnus Carlsen of Norway retained his title last year in New York defeating his Russian challenger Sergey Karjakin 3-1 in a series of tie-break’s rapid games sealing the overall score of the match at 9-7.
The series of tie-breaks between Carlsen and Karjakin was the third in the history of chess championships. The first one was in 2006, when Russia’s Vladimir Kramnik beat Bulgaria’s Veselin Topalov and the second one was in 2012, when Israel’s Boris Gelfand was defeated by India’s Viswanathan Anand.
Carlsen, 26, became the 16th World Chess Champion after beating Viswanathan Anand in 2013 and defeated the title twice since then.