March 18, 2009 - 13:28 AMT
Arman Pashikyan loses chance to win European Individual Chess Championship
Eleven rounds of the European Individual Chess Championship are over in Budva, Montenegro.

Armenia's champion Arman Pashikyan has lost his chance to win the Championship sustaining a defeat from Vladimir Hakobyan.

Arman Pashikyan and Tigran Petrosyan will continue competition in a tie-break.

The total prize fund of the Individual European Championship is 120,000 Euros. First prize is € 15,000, second is € 12,000, third € 10,000 up to 25th prize, which is € 1,000. According to Montenegro law all prizes are taxable (maximum 10%). The first 22 players will in addition qualify for the World Cup.