Ski star Johannes Høsflot Klæbo is following in the footsteps of other sports figures by making a major investment in a Norwegian company.

Erling Braut Haaland is among those who have previously invested in Norway Chess AS. The company has now raised NOK 100 million (around €9 million) from high-profile investors, including Klæbo.

The funds will go towards developing Total Chess, a new world tour aimed at making chess more appealing to mainstream audiences. The capital raise values Norway Chess at approximately NOK 350 million (around €31 million).

Believes in the concept

The ski star sees the project as an exciting opportunity.

“Chess is a long-term and exciting investment for me. I have great faith in the concept — and I can see that I, together with many others, can help create value in a broad and truly international sport,” Klæbo said in a press release.

Grunde Eriksen, Carl Erik Krefting, Bjørn Maaseide, Petter Bakken, and Thor Hushovd are also joining as new shareholders in Norway Chess AS.

Kjell Madland, founder and CEO of Norway Chess and Total Chess, says he is very pleased with the new investors and the experience they bring as a new, audience-friendly tournament format is developed.

Compared to Formula 1

“The Total Chess Tour can be compared to the Formula 1 circuit, where selected cities around the world host their own tournaments, each becoming a major event in its own right. An overall winner is then crowned across the various chess disciplines. This will be an audience-friendly world tour featuring the biggest names and some of the largest prize funds in the sport,” Madland said.

“Formula 1 became enormously popular when Netflix introduced audiences to the personalities behind the sport. We believe chess has enormous potential, too, and we are currently in negotiations over broadcast rights for the new tournament. We are talking about sums that have never previously been on the table when it comes to chess rights,” he added.

Enormous potential

Madland highlighted the vast global reach of chess.

“There are around 800 million chess players in the world, and over 250 million are registered on Chess.com. Now it is time for chess to be presented the way it deserves. At the very top of the game, there are personalities, rivalries, and tension that create magical moments at the board. We are going to showcase all of those moments in a way they have never been shown before,” Madland said.

A club deal

Arctic Securities facilitated the capital raise, structured as a club deal. Norway Chess AS sought a group of investors with long-term capital and the expertise to support the company’s ambitions. The three largest subscribers in the share issue are Ugland Sandvik AS, Sanden AS, and Auctus AS.

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