World Chess (LSE:CHSS) (LSE: CHSS), the official commercial partner of the International Chess Federation (FIDE), has signed a non-binding term sheet to renew and materially expand its exclusive operation of worldchess.com and establish the first official pathway for online players to convert qualifying ratings into FIDE over-the-board ratings.
Under the proposed framework, World Chess would be the sole operator of the online-to-over-the-board conversion route, setting fees in consultation with FIDE as a new revenue line layered on top of existing subscription and advertising income, with national federations receiving $1 per conversion.
The FIDE Online Arena partnership would be renewed for an initial two-year term with annual extension options running through to August 2031, while FIDE retains regulatory oversight including capped ratings, joint anti-cheating controls and termination rights tied to agreed performance targets.
The board said it expects the framework to materially expand the group's addressable market by opening an official pathway for serious online players in India, Latin America, Africa and South-East Asia, and to strengthen conversion of free users into paying customers.
The term sheet remains non-binding pending community discussion and a public consultation on the technical conversion parameters, with both parties targeting signature of a definitive long-form agreement in the second quarter of 2026.
Chief executive Ilya Merenzon said the agreement marks the first time in the history of the game that an official FIDE rating could be accessible to millions of players, adding that one of the next world champions will come through this route.
