The match was held in the sports facility in Sochi, Russia on the Black Sea coast that had been constructed for the 2014 Winter Olympics, officially known as the XXII Olympic Winter Games which were held from 7 to 23 February 2014. Vladimir Putin, President of Russia, stepped forward and offered to fund the match. This was the first time ever in history that a head of state has offered to sponsor a World Chess Championship Match. The prize fund was one million Euros. This is the minimum prize fund stipulated by FIDE in the official regulations. The prize fund was to be divided 60 percent to the winner and 40 percent to the loser if the match ended within the 12 regular games. In the case that the winner was decided by tie-break games, the winner would have received 55 percent and the loser 45 percent.
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