AThe Bismarck Tribune Bismarck, North Dakota Wednesday, July 12, 1972 - Page 2
Additional Chess Prize Money Placed in Check
London (AP) — British financier James Slater has been stalled in his efforts to get the $120,000 prize money he put up for the world chess championship between Bobby Fischer and Boris Spassky in Iceland.
Under Britain's foreign exchange control regulations, he cannot get the money out of the country until the Bank of England says so.
A bank spokesman said Slater had applied for permission to get the money to the players but declined to say whether bank approval would be forthcoming.
Slater, a chess fan, cannot transfer the money from his worldwide banking and investment empire to foreigners or open bank accounts for either Fischer or Spassky in Britain without the bank's approval.
The most he can do is pay $720 a year. That's the maximum gift payment permitted to go to nonsterling areas from Britain.
Slater, 43, put up the money to get Fischer to Reykjavik after he appeared reluctant to play because of the $125,000 purse offered by the Icelandic Chess Federation was not enough.
The extra prize enticed Fischer to do battle.
Additional Chess Prize Money Placed in Check 12 Jul 1972, Wed The Bismarck Tribune (Bismarck, North Dakota) Newspapers.com
