Posted on February 28, 2019 at 12:00 PM by Sadye Scott-Hainchek

The Man Booker Prize has a new sponsor, and it will soon revert to its old name.

Crankstart — the charitable foundation of Silicon Valley billionaire/author Michael Moritz and his wife, Harriet Heyman — will fund the prize for the next five years, according to the Guardian.

On June 1, when the Man Group’s sponsorship ends, the prize will be known as the Booker Prize once again; it won’t be dubbed the Crankstart, so the literary world can heave a sigh of relief.

Man Group, a hedge fund, announced in January that it would no longer sponsor the prize.

What won’t change with Man Group's exit, according to the Booker Prize Foundation: the size of the financial prize or the expansion to include any English-language novel published in the UK.

You can learn more about Crankstart and its founders in the Guardian’s article.

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Categories: Today in Books

Tagged As: Awards, The Guardian

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