IM Malcolm Pein has released a statement on behalf of Chess Promotions Ltd of which he his CEO announcing that they could not arrive at an agreement with the International Chess Federation FIDE to host the World Chess Championships in London in 2012. After lengthy negotiations with FIDE they put a proposal to the organization and a final deadline of Saturday 29th January 2011. Once that deadline passed without agreement they had to withdraw from the process as they felt there was too little time left to organize the event properly. A specific problem was that there was a deadline to sign an agreement to obtain their preferred venue that passed once agreement couldn't be found.
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