WZW fusion rings in the limit of infinite level

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We show that the WZW fusion rings at finite levels form a projective system with respect to the partial ordering provided by divisibility of the height, i.e. the level shifted by a constant. From this projective system we obtain WZW fusion rings in the limit of infinite level. This projective limit constitutes a mathematically well-defined prescription for the `classical limit' of WZW theories which replaces the naive idea of `sending the level to infinity'. The projective limit can be endowed with a natural topology, which plays an important role for studying its structure. The representation theory of the limit can be worked out by considering the associated fusion algebra; this way we obtain in particular an analogue of the Verlinde formula.