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Last Updated: Thursday, 23 March 2006, 15:03 GMT
Booker Prize strikes up 5m deal
Author John Banville
John Banville's The Sea won a closely-fought competition last year
The organisers of the Booker Prize have signed a 5m sponsorship deal to renew their association with financial company Man Group.

The five-year agreement means the UK's most prestigious literary award will continue to be branded as The Man Booker Prize.

Last year, Irish author John Banville was presented with the winner's cheque of 50,000 for his novel The Sea.

The outcome of the 2006 prize will be announced in October.

The Booker Prize was first awarded in 1969, to P H Newby's novel Something to Answer For.

Man Group began its sponsorship in 2002, and Jonathan Taylor, chair of the Booker Prize Foundation, said the company had been "a model sponsor" which had "respected the independence and integrity of the prize".

He added: "We are delighted this happy relationship will continue for another five years."

The new deal also covers the Man Booker International Prize, awarded every second year.

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