The prestigious literary award 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. Sir Michael will also support The International Booker Prize. Sir Michael said: "Neither of us can imagine a day where we don't spend time reading a book. The Booker Prizes are ways of spreading the word about the insights, discoveries, pleasures and joy that spring from great fiction". Just like The Booker, I was born in Britain and before coming to America was reared on English literature. Harriet and I feel fortunate to be able to support prizes that together celebrate the best fiction in the world. The couple founded Crankstart in 2000 to support and organise scholarship funds for university students from low-income families. Last year's £50,000 prize was won by Belfast writer Anna Burns for Milkman.
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