The International Booker Prize will be renamed the Bukhman International Booker Prize following a new funding agreement [1].
This change marks a significant shift in the financial backing of one of the world's most prestigious literary awards. The increased funding ensures the prize's stability and growth over the coming decade, potentially attracting a wider array of international translations and authors.
Organizers of the prize said that the prize fund has been increased to £100,000 [1]. This financial boost is provided by the Dmitry and Daria Bukhman charitable foundation [1].
The funding agreement is set to last for 10 years [1]. The name change directly reflects this long-term financial support from the Bukhman charitable foundation [1].
The International Booker Prize recognizes a book translated into English and published in the UK and Ireland. By securing a decade of funding, the organizers aim to maintain the award's prestige while expanding its reach across global literary markets, a move that stabilizes the prize against fluctuating corporate sponsorships.
Details regarding the specific terms of the foundation's involvement beyond the funding and naming rights were not provided in the announcement [1].
“The prize fund has been increased to £100,000.”
The transition to a foundation-backed model with a guaranteed 10-year window provides the International Booker Prize with rare long-term financial predictability. By increasing the purse to £100,000, the prize enhances its competitiveness against other global literary awards, signaling a commitment to the promotion of translated literature through private philanthropy.
