As Erling Braut Haaland leads Norway’s quest for World Cup glory, it’s easy to forget that just three months ago the Manchester City superstar made headlines in a very different arena.
Haaland’s investment in Norway Chess sent shockwaves through both the soccer and chess worlds. Now, Norway Chess CEO Kjell Madland tells Chess.com that the move helped pave the way for a $10 million (NOK 100 million) investment round that has attracted some of Norway’s biggest sporting names and business leaders to back the ambitious Total Chess project.
“My impression is that many people who play chess around the world are proud,” Madland said in an interview with Chess.com during Norway Chess’ Oslo debut. “It felt like it was chess itself that received the investment.”
It felt like it was chess itself that received the investment.
—Kjell Madland
The latest funding round brought together a remarkable collection of Norwegian athletes and business leaders. The investor group includes skiing star Johannes Høsflot Klæbo, the most successful Winter Olympian in history, former cycling world champion Thor Hushovd, businessman and former beach volleyball professional Bjørn Maaseide, shipping heir Knut Ugland, property investor Carl Erik Krefting, and many others.
According to Norwegian newspaper Dagens Næringsliv, the round valued Norway Chess at a staggering NOK 250 million (roughly $25 million) and gave investors a combined 28 percent stake in the company. That financing came just weeks after Haaland and Ferd CEO Morten Borge entered the company through their newly formed company Chess Mates Capital, which acquired a 25 percent stake in Norway Chess.
When Haaland’s investment was announced, it marked one of the most signifcant endorsements chess had ever received from a global superstar, with Haaland having more than 50 million followers across his social media channels.
“The fact that Erling is joining us as an investor says a great deal about the commercial potential of this tour,” Madland said at the time. “Erling has an enormous global following.”
The fact that Erling is joining us as an investor says a great deal about the commercial potential of this tour.
—Kjell Madland
Madland believes the impact has already been felt three months later. “We have built a solid foundation with significant investors, skilled people, and a lot of capital,” he told Chess.com.Â
The Norway Chess CEO explained that discussions with Team Haaland’s Egil Østenstad, a former Premier League star, eventually led to presentations involving Haaland and Borge after Norway Chess secured its agreement with FIDE for Total Chess.
“He was very excited about this,” Madland said of Haaland.
The driving force has been Borge, whose chess interest has been known for a while through Ferd, which already sponsors a number of leading Norwegian talents, most importantly GM Elham Amar.
The growing connection between chess and football was visible throughout this year’s Norway Chess in Oslo. Among the visitors were former Norway Premier League star Morten Gamst Pedersen, Tore Pedersen, Erik Thorstvedt, Haaland’s father Alf-Inge Haaland, and Østenstad.Â
Also visiting was legendary football agent Rune Hauge, whose company Profile Media will negotiate international media-rights agreements for Total Chess. Hauge and his company have been involved in major sports rights deals, including with Norwegian football, the English Premier League, and the German Bundesliga.
While Norway Chess remains the flagship event, the investment is primarily intended to fund the Total Chess World Championship, the new international circuit that aims to crown a combined world champion in fast classical, rapid, and blitz. From 2027, the tour will feature four events with a minimum prize fund of $2.7 million.
A pilot event is now scheduled for November 13-23, after dates were adjusted to avoid a clash with the U.S. Chess Championship. The pilot is set to take place in Budapest, Hungary, FIDE has revealed.
The goals are long-term, as the deal signed with FIDE is for 16 years, giving the company unprecedented control over a package of major chess events and media rights.Â
“No one has done this in chess before,” Madland said. “A major media partner needs many events if they’re going to invest significant resources and think long-term.”
No one has done this in chess before. A major media partner needs many events if they’re going to invest significant resources and think long-term.
—Kjell Madland
Whether Total Chess ultimately succeeds will depend on its ability to convert unprecedented interest in chess into a sustainable business. But if Madland is right, Haaland’s biggest contribution may not be the money he invested—it may be the interest he inspired to invest alongside him.