MOSCOW, November 2. /TASS, Andrey Kartashov/. The World Chess Federation (FIDE) intends to up the budget of prize winning money for the world champion’s title, FIDE President Arkady Dvorkovich told TASS.
The 2018 World Chess Championship will be held at The College in Holborn, London, on November 9-28 and will see reigning Champion Magnus Carlsen of Norway playing against US Fabiano Caruana for the chess crown.
"One of the FIDE tasks is to up the budget of prize winning money," Dvorkovich said in an interview with TASS. "It goes both for the women and men’s championships for the chess crown."
"It is necessary to raise the prestige of the tournaments," he said. "The women’s championship has at the moment a very modest sum in prize money."
The men’s World Chess Championship offers 1 million euros ($1.14 million) in prize money up for grabs, while the women’s World Chess Championship, which kicks off in Russia’s Khanty-Mansiisk on Saturday, has 250,000 euros (over $286,000) in prize money.
Dvorkovich, 46, was elected president of the World Chess Federation during the FIDE General Assembly in Georgia’s Batumi on October 3. He replaced in the post of FIDE president his fellow citizen Kirsan Ilyumzhinov, who ran the world’s governing chess body since 1995 being reelected six times.
Ilyumzhinov’s 23-year term at the helm of FIDE is the second longest in the history of the organization. Dutchman Alexander Rueb, one of the founders and the first president, was in charge of FIDE for 25 years (1924-1949).