London, Feb 28 (TIWN / IANS) The Booker Prize will soon be sponsored by Silicon Valley billionaire and author Michael Moritz and his wife Harriet Heyman's charitable foundation "Crankstart", The Guardian reported.

The announcement came a month after the Man Group said it was ending its 18-year-long sponsorship of the prestigious award for literary fiction.

Crankstart has committed to an initial five-year exclusive funding term for the Booker Prize, with an option to renew for a further five years, The Guardian reported.

It will not give its name to the award, which will revert to its old name of the Booker Prize from June 1, when the Man Group's sponsorship ends.