For generations of youngsters with a passion for chess, it has been an inspiration and a challenge. It has also proved a stepping stone for up-and-coming international contenders.

But the world's biggest chess championship faces being wound up after its founder was bankrupted over a £300,000 tax bill.

The Delancey UK Schools Chess Challenge, which involves more than 1,200 schools and has run for 20 years, is locked in a long-running dispute with HMRC over value-added tax that the Revenue says must be levied on entry fees.