Billionaire sets up F1 RIVAL with five-time world champion

A new competition has raised millions of dollars as its creators attempt to rival Formula 1 with a more wealthy base of fans.

Five-time world chess champion Magnus Carlsen and billionaire Jan Henric Buettner's new 'Freestyle Chess' league is aiming boldly for the hyper-rich class.

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F1 was taken over by Liberty Media in 2017, a move that has changed the sport by introducing a whole new audience through Netflix series Drive to Survive.

Off the back of its success, F1 audiences have swelled and culminated in a celebration of the sport’s 75th anniversary with a live livery unveiling at the O2 arena in London.

Following the growth of F1, other sports will be hoping to achieve the same kind of popularity with even chess trying to replicate its growth.

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Billionaires fund new chess league to rival F1

Buettner and Carlsen raised $15m to create the Freestyle Chess league which will feature the top 25 players across the world in destinations across the world.

The German entrepreneur, Buettner, however believes that it compares to F1 with its tour based, worldwide and is hoping to simulate an experience like the Paddock Club.

“If the F1 [Paddock Club] is for millionaires, Freestyle Chess’ [Grand Slam events] are for billionaires,” Buettner said.

The Freestyle Chess Grand Slam of Germany took place earlier in February, and will continue in Paris in April.