FIDE announces that it has reached an agreement with World Chess on a new format of its future cooperation.

According to the Addendum to the Agreement:

— FIDE is recognized as the holder of the rights to all tournaments of the World Championship Cycle, including the Candidates Tournament and the World Championship Match, except for the series of Grand Prix 2019, 2021. Bidding procedures will take place to determine the organizers of Candidates' Tournaments and World Championship Matches. World Chess retains commercial position in the cycle’s revenue;

— World Chess is the exclusive organizer of the Grand Prix series 2019, 2021 with an agreed budget for each tournament. At the same time, the Parties will agree on strict Guidelines aimed at maintaining a high level of these tournaments; 

— World Chess continues its work for attracting sponsorship for the World Championship Cycle under the guidance of FIDE;

— FIDE and World Chess intend to jointly develop and commercialize video content of major chess events, making chess a spectator sport;

— World Chess receives the title of official FIDE broadcaster (except for the Candidates Tournaments, World Championship Matches, Olympiads and World Cups). FIDE and World Chess intend to jointly develop a policy of broadcasting FIDE events in the interests of spectators and long-term commercial development of chess sports. In line with the policy, World Chess shall develop the official broadcasting widget in accordance with FIDE technical guidelines that will be offered for free to all media and sites alike and will allow live moves relay broadcast. World Chess will also develop and promote video broadcasting of Grand Prix and other tournaments as will be determined by FIDE and World Chess in the future.

The parties have agreed on the financial terms of their cooperation. Specific financial details are confidential by agreement of the Parties, but the parties are pleased to announce that they are satisfied with the agreement and looking forward to working together.

The above-mentioned Addendum to the Agreement has already been approved by the FIDE Presidential Board by an overwhelming number of votes.