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Russian firm moves to back World Chess Championship

Russian fertiliser producer PhosAgro has signed on as a sponsor of the 2016 World Chess Championship Match, which will take place in the US city of New York from November 11-30.

PhosAgro will sponsor the match through a strategic partnership with World Chess by Agon, which holds global commercial rights for the organisation of World Chess Federation (FIDE) championship matches.

Financial terms of the agreement have not been disclosed, but earlier this month UK newspaper The Guardian reported that two seven-figure sponsorship deals had been signed and would be announced by the end of August.

“Sponsorship of this chess tournament is part of PhosAgro's long-standing corporate responsibility programme, which supports education, science, medicine, sports and healthy lifestyles,” Andrey Guryev, PhosAgro chief executive, said. “The company has a long history of cooperating with chess federations, including as the sponsor of the 2014 World Chess Championship match in Sochi.”

This year’s match pits defending champion Magnus Carlsen of Norway against Russian challenger Sergey Karjakin. The 12-game match will take place in the historic Fulton Market Building of Manhattan’s South Street Seaport district.

The match will cost a reported $6m (€5.4m) to stage, with Carlsen and Karjakin (pictured) competing for a prize pot of more than $1m that will be split 60-40 in favour of the winner.