Mar 01, 2019

Billionaire to fund Booker Prize

The Booker Prize will be funded by venture capitalist Sir Michael Moritz for the next five years after the Man Group, the previous sponsor, withdrew.

The prestigious literary award will be paid for by Crankstart, the charity run by Sir Michael and wife Harriet Heyman.

Welsh-born Sir Michael, who is based in San Francisco, is worth $3.4bn (£2.5bn), according to Forbes magazine.

But the prize will not bear his name - it will be known as The Booker Prize after 18 years as the Man Booker Prize.

(BBC News)