[1] The tournament was organized and sponsored by Jan Henric Buettner, owner of the Weißenhaus resort, and co-organized by five-time World Chess Champion Magnus Carlsen.
[2][3] Carlsen reportedly handpicked the seven other competitors – Ding Liren, Fabiano Caruana, Alireza Firouzja, Gukesh D, Nodirbek Abdusattorov, Vincent Keymer and Levon Aronian.
[4][5][6] Chess960 World Champion Hikaru Nakamura was invited, but declined to participate, possibly in order to focus on the upcoming Candidates Tournament.
In March 2024, Buettner and Carlsen announced that the tournament would expand into a yearly series of events with increased prize funds.
[8] The second edition of the event will take place from February 7–14, 2025, as the first leg of the Freestyle Chess Grand Slam Tour.
World Chess Champion Ding Liren blundered a piece and lost against Fabiano Caruana in round 1, and went on to lose his next three games as well.
The top five players from the 2024 event qualified for the 2025 tour: the semifinalists Carlsen, Caruana, Aronian and Abdusattorov, as well as the winner of the 5th-8th place bracket, Firouzja.