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We present the exact and explicit solution of the principle chiral field model in two dimensions for infinitely large rank group. In particular we show that in the large-N limit the spectrum of the theory does not contain pointlike particles. The energy of the ground state as a fucntion of external "Noether" field and the beta function are explicitly found. The nonperturbative threshold behavior near the mass gap m is f (h) (h-m) ln (h-m), exhibiting a similarity with the 1D bosonic string theory.
Fateev et al. (Mon,) studied this question.