MagnusChess hopes to make over $3 million in 2013

MagnusChess – the company – hopes to register a gross turnover of between 15 and 20 million NOK (Norwegian Kroner) in 2013. That’s about $2.5 million to $3.2 million. (The current currency rate is 1 Norwegian Krone equals 0.16 US Dollar.)

Since 2007, the World No. 1 chess player’s company has had a turnover of 27 million NOK ($4.5 million) and a profit before tax of 15 million NOK ($2.5 million) according to Dagens Næringsliv (Norwegian for Today’s Business).

Chess world’s 22-year-old talented prodigy had, at the end of 2012, built up a solid equity of nearly 12 million NOK ($1.97 million), according to DN.

Commonly known as DN, Dagens Næringsliv is a Norwegian tabloid specialising in business reporting and is pegged as the fourth largest newspaper in Norway.

On his part, the planet’s top-rated chess player has said he does not care so much for money. He leaves the management to his manager Espen Agdestein and father Henrik.
Carlsen told DN, “I am very grateful that I can live on something (chess) I think is so fun. Beyond that I’m not thinking so much about it.”

Magnus Carlsen owns 85 percent of the company MagnusChess. The remaining 15 per cent is owned by his father Henrik. His father confirmed to DN that the recent developments were “nice” and they hoped for a revenue increase in 2013. Norwegian sponsors are sure to use the world’s best chess player for endorsements and more, states DN.

Success at the forthcoming World Chess Championship could further up the earnings for MagnusChess, DN had reported, in its print edition right after Magnus Carlsen signed a new sponsorship agreement with Nordic Semiconductor last month.

DN estimates that a victory over Viswanathan Anand, at the forthcoming World Chess Championship, could fetch the World No. 1 nine million NOK ($1.48 million) in prize money, plus six million NOK ($987000) in bonuses from sponsors (including also Arctic Securities, SIMONSEN Advokatfirma, V-G) and other sources.

Earlier, when Carlsen had signed a deal with clothing giant G-Star in 2010, Henrik Carlsen had told newspaper Aftenposten that the sponsorship deal was “the whole difference” between the two years as his son had not earned more in prize money during 2010. The company’s pretax result was NOK 4.87 million (over $900,000 then), which took into account NOK 3.72 million (over $690,000 then) as fees for Magnus Carlsen’s teacher, the legendary Russian Garry Kasparov.

The company saw an increase in income from NOK 3.5 million (nearly USD $650,000) in 2009 to NOK 8.4 million (over USD $1.5 million) in 2010 due to a deal with clothing manufacturer G-star.

However, Carlsen lost about 10 million NOK ($1.85 million) when he withdrew from the qualifiers for the 2012 world chess championship in protest at the FIDE rules.