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The Guardian
18-04-2025
- Sport
- The Guardian
Chess: Carlsen scores in Paris, leads Freestyle Grand Slam after two events
Magnus Carlsen, the world No 1, scored a low-key triumph on Monday when he won the Paris leg of the $3.75m Freestyle Grand Slam by defeating his old rival and world No 2, USA's Hikaru Nakamura, by 1.5-0.5 in the final. It was patient attrition over the two games, worthy of a place in the Carlsen-David Howell book Grind like a Grandmaster. The decisive first game had some technical errors, which the Norwegian described almost apologetically in his post-game interview. The rematch was more routine as the 34-year-old simplified to his goal of a drawn rook endgame and a move-40 handshake. Carlsen now has the overall lead in the five-leg $3.75m Grand Slam which continues later in the year at Las Vegas, Delhi and Cape Town. Earlier, he displayed his creativity when he gave up his queen for three minor pieces in his quarter-final, and his versatility and his continuing hunger for more chess when, his day's work done in Paris, he took part in weekly Titled Tuesday and made a clean sweep of all 11 games, a rare feat which he has achieved twice previously. This week, Carlsen did it again, winning Titled Tuesday with an unbeaten 10/11. The openings in Freestyle are a treacherous swamp, where careless play can lead to a lost position within a dozen moves. Relevant experience helps, though. Freestyle has 960 different starting positions, but there have been cases where one of the 960 appeared in a previous tournament, and a GM has remembered it. Some time in the first 20 or so moves, a Freestyle position often becomes recognisably similar to normal chess and the players can use their previous knowledge effectively. In Carlsen's Freestyle games, he spots this metamorphosis and transformation faster than his rivals, and that is one secret of his continued success. A negative at Paris was the failure of the four Indians who have dominated classical chess in recent years. Only Arjun Erigaisi, who remained true to his attacking style and emerged in fifth place, did well, while Gukesh Dommaraju, the 18-year-old classical world champion, did worst, finishing 11th out of 12. What happens to the 2025 Freestyle Grand Slam in the coming months remains to be seen. Its third leg, scheduled for New York in late July, has been moved to Las Vegas and reduced from eight days to five, allowing two games a day in the interests of publicity. This means a faster time limit, from slow classical chess, as championed by Carlsen, to one-hour rapid games. The change may also reflect the worsened economic climate. The Grand Slam series, which was projected to break even with the help of new trading partners by 2026, is financially backed by a $12m investment from the New York based venture capitalist firm Left Lane Capital, which is privately quoted but is still susceptible to market downturns and recessions. The pressures for Freestyle to achieve faster profitability, and wider support among the chess public and media, are increasing. Ju Wenjun, the holder, won four games in succession against her demoralised challenger, Tan Zhongyi, to score a 6.5-2.5 victory in the $500,000 Women's World Championship match in Chongqing. Game seven was Tan's nadir as she allowed her a8 black bishop to be entombed by her own c6 pawn and a c5 white knight. Ju needed just a draw in Wednesday's ninth game (of 12) to take the crown for the fifth time in her career. Ju has now equalled the title totals of Nona Gaprindashvili and Maia Chiburdanidze, both of Georgia, who each won five crowns between 1962 and 1988, The all-time record holder remains Vera Menchik, a Czech who lived most of her life in London. Menchik won eight titles between 1927 and 1939 before being killed by a German V1 bomb at her Clapham home in 1944. Shreyas Royal, England's youngest ever grandmaster, scored his best performance so far in 2025 when he totalled 6.5/9 at the Reykjavik Open after sharing the lead two rounds from the finish. It brought a pairing with Iran's world No 31, Parham Maghsoodloo, which Royal lost in 17 moves due to 9…Bxc3+? (9..d6!) allowing the top seed's 12 Ba3! with decisive threats to d6. Sign up to The Recap The best of our sports journalism from the past seven days and a heads-up on the weekend's action after newsletter promotion Nigel Short, the 1993 world title challenger, is making a rare competitive appearance this week in the Bangkok Open, where his third round win started with the Grand Prix Attack and led to a devastating assault on his opponent's king. England swept the board at last week's European Senior over-50 and over-65 Championships at Swidnica, Poland, last weekend, winning three team golds, one team bronze, and 14 individual medals. Both England 50+, led by Michael Adams, and England 65+, headed by John Nunn, won every match and neither lost a single game. Such a feat would normally rank much higher in this column, but entries for the event were low both in quality and quantity. The European Seniors were staged only two months after the World Seniors in Prague, a popular venue, while many seniors have been deterred by Fide's overzealous Fair Play anti-cheating officials, which sparked a public rebuke by Malcolm Pein in Chess magazine. BBC Two's Chess Masters: The Endgame reaches episode seven (of eight) on Easter Monday at 8pm. Audience numbers, supplied by Broadcast, remain rock solid at 600.000, 5% of the viewing audience, and indicative of a significant loyal fan base. Next Monday's episode will include an appearance by Bodhana Sivanandan, the Harrow 10-year-old who has become globally famous. Sivanandan is likely to take on all six remaining contestants simultaneously, a feat which will be familiar to her. Here is how, at age eight, she defeated Harrow Chess Club 5-1. What do retired grandmasters do? One answer, as explained here by GM Jonathan Levitt, is to write song lyrics about Bobby Fischer and Boris Spassky. 3968: 1…Rf4! wins with the threat 2…g3 and 3…Qh2 mate. If 2 Qc3 Qh4 3 Qc8+ Kh7 and White has no defence to 4…g3.
Forbes
08-04-2025
- Business
- Forbes
Pro Padel Raises $10 Million, Pushing Sport To New Heights In U.S.
Pro Padel League is North America's premier padel competition, with teams in major markets in the ... More U.S. Canada, and Mexico. First Mexico, then Spain and Argentina, and now the United States. Padel continues to capture market after market around the globe as it grows in popularity. In North America, Pro Padel League (PPL), the continent's professional competition, recently capitalized on a successful second season by securing $10 million in seed funding from Left Lane Capital, Kactus Capital, Gary Vaynerchuk, and other investors. The ten-team upstart league boasts some of the best players in the world, including women's world number one player Ariana Sanchez Fallada and men's world number three player Federico Chingotto. It is also backed by celebrities like Daddy Yankee, Ella Emhoff, and Andrew Schultz. In just two years, PPL has established a strong foundation across the continent with clubs from Cancun to Toronto, and in most of the major U.S. markets, including L.A., Las Vegas, New York, Miami, and Houston. The league's first-ever institutional investment will help it professionalize its operations and guide it toward the heights of the other major sporting leagues in North America. The funds are expected to be put toward hiring a commissioner, a CRO, a CFO, and establishing a permanent headquarters. Harley Miller, CEO of Left Lane Capital said 'Having seen the explosion of padel globally, we recognized a chance to partner early with PPL to own the market for one of the fastest-growing emerging sports." He added that "PPL's differentiated team-based format allows fans and players to rally behind city-based teams in North America, featuring world-class talent. This is one of the many reasons we're excited to support PPL's growth as they build a new era for Padel.' Mike Dorfman, CEO of PPL, says the recent investment will 'further accelerate' the explosive rise of the fastest-growing sport in America. Speaking to me ahead of the investment announcement, Dorfman admitted he got into Padel after the COVID-19 pandemic. Like many people, Dorfman was looking for a way to stay active and socialize while maintaining a safe distance. In New York, it was impossible to play tennis, but Padel was the perfect solution for the former tennis player. At Padel Haus, Brooklyn's most well-known club, Dorfman fell in love with Padel, so much so that he exited the tech company he founded and became CEO of the nascent Padel league. Now guiding PPL, Dorfman is looking to grow the league into a highly professional and exhilarating spectator sport. Despite obvious competition from North America's traditional sports, and other Padel competitions like Premier Padel and Hexagon Cup, Dorfman strongly believes the U.S. market is open for business. In fact, he thinks 'the potential is unlimited in the States.' With the major markets already in play, Dorfman is looking to secondary and tertiary cities that are opening their first Padel clubs. While the expansion of Padel in the U.S. is almost a guarantee — the United States Padel Association estimates the country will have 15 million active players and 20,000 courts in five years — exactly where the league establishes new teams is a different story. Dorfman says that will depend on which markets mature the quickest. Padel's appeal goes beyond the competitive element. It is a social sport, played in pairs, that allows people of all walks of life to meet each other, socialize, and break a sweat. It is more dynamic than pickleball, but just as easy to play without any experience. It is also a cultural force that continues to draw in celebrity investors from the entertainment industry and other major sports like soccer and F1. Padel's cultural appeal is one of the reasons Jolene Delisle agreed to work with PPL. Delisle is the founder and creative director of the creative agency The Working Assembly. Her team was charged with designing the PPL brand. However, to them it was about more than just developing a brand, 'it was about helping build a community around it,' and crafting the sport's identity in the U.S. The challenge was establishing PPL's American identity while honoring the game's global roots. Delisle says the bold typography and dynamic color palette symbolize the sport's speed, sharp angles, and fluid movement. They created an instantly recognizable brand that feels bold, energetic, and inclusive. Despite its sleek branding and recent cash injection, PPL remains a challenger league in a market full of sharks. To become a top-tier spectator sport in the U.S. Padel needs to create development pathways for kids. According to Dorfman, this requires infrastructure and school programs. Creating more courts and clubs, and offering children the chance to begin playing in school and continue playing through college will guarantee that North American children are well-educated in Padel. Moreover, new investment will increase the probability of homegrown stars. Delisle is convinced that Padel will become a premier sport and brand. She says it 'has everything going for it—it's fast, social, and incredibly fun to play and watch.' However, to elevate to the next level, in her eyes, it needs to become 'an experience.' She says if PPL and the wider Padel ecosystem get the storytelling right, Padel can transform from a global sport into a lifestyle movement. For now, PPL will settle for expanding to new cities and establishing a new HQ. Dorfman says the 2025 season will go ahead with the same ten teams, but the league is looking to expand to twelve teams ahead of 2026. New franchises were sold for $200,000 in 2024, but as the sport's popularity continues to skyrocket, potential investors can expect that number to increase exponentially. In 2025, fans can expect a highly consumable and digital product. PPL will continue using the AI camera it piloted last season to create player heatmaps. It will also place additional microphones and cameras around the courts to help deliver more sounds and viewing angles. Dorfman is particularly excited about PPL's attempts to merge sports with arts and culture. Live events, food experiences, and uniquely designed uniforms and paddles are all in store for the 2025 Pro Padel League season. Fans in North America can enjoy all the action on over 16 different broadcasters that make the sport accessible to over 300 million households.
Axios
26-02-2025
- Business
- Axios
Exclusive: Canadian business banking startup Venn raises $15M
Venn, a Canadian business banking and expense manage startup, raised US$15 million in Series A funding led by Left Lane Capital. Why it matters: Recent deals show investors betting that Canada is in need of its own Mercury or Ramp. What they're saying: "Canada is probably five to 10 years behind the U.S. in terms of innovation in banking or spend software," says co-CEO Ahmed Shafik. "Canadian banks are known to be one of the most expensive in terms of fees." Driving the news: Previously known as Vault, the company targets small to mid-size businesses — particularly those with international banking needs. It was founded with an initial focus on international transfers and multi-currency accounts, eliminating the need for customers to open accounts in every country. By syncing with the clients' accounting software, Venn has aimed to become the financial control center for clients. It also offers invoice automation, a corporate card with expense management, and accounting automation. Context: News of the raise comes just a month after Float Financial, a corporate card startup focused on the Canadian market, raised US$48.5 million led by Goldman Sachs Growth Equity. Loop last year raised C$6.4 million. XYZ Venture Capital, Intact Ventures and Gradient also participated in Venn's round. The intrigue: Shafik believes there are structural reasons keeping out non-homegrown potential competitors. "The BaaS players aren't here, and Canada's quite protectionist when it comes to finance," he says. Revolut, where Shafik previously worked, exited Canada in 2021. By the numbers: Venn now has about 4,000 customers and earns revenue from foreign exchange fees, interest on deposits, transaction fees, subscriptions, and interchange (its top revenue source). This year, Venn plans to enable customers to accept credit card payments for accounts receivables, and it might venture into lending.
