Several competitions were organised in conjunction with the FIDE Congress held in Budapest in 1926. Attracted by Paris 1924 experience the FIDE officials decided to hold great chess event. On this occasion pride of place was taken by the individual tournaments, among them a masters', an open, and a women's tournament. A competition for teams of four had also been announced and six teams had entered, but Austria and Czechoslovakia later withdrew. Hungary with Steiner and Vajda were considered favourites and they didn't fail winning comfortably ahead of Yugoslavia and Romania. Because of its tiny, embryonic size the Budapest event hasn't been reckoned as official FIDE Chess Olympiad. However still it is historically first team event ever played according to modern standards.

Grünfeld (Austria) and young Monticelli (Italy) won the individual event known as "1st FIDE Masters". We decided to provide you with deeper coverage of that event not only because it is somehow connected with the Olympiads but also to make it possible for you to follow one of most interesting tournaments of that time. Ms. Holloway for Great Britain won women's tournament and Emil Zinner for Czechoslovakia (do not confuse with the Hungarian Sandor Zinner) won an open tournament.