The Booker Prize Foundation announced on Monday that the prestigious literary award will be renamed the Bukhman International Booker Prize, with the prize money for both the winning author and translator doubled, according to a statement released by the organization. The change, effective for the 2024 award cycle, follows a significant donation from an unnamed benefactor, though the foundation has not disclosed the donor’s identity.
The original Booker Prize, established in 1969, has long been a cornerstone of global literature, with winners such as Margaret Atwood and Kazuo Ishiguro. The new name honors a major financial contribution, though the foundation has not provided details about the donor’s background or the amount of the gift. A spokesperson for the foundation stated, “This generous support enables us to expand the prize’s reach and recognition on an international scale.”
The prize money for the winning author will increase from £50,000 to £100,000, while the translator’s share will rise from £2,500 to £5,000. The foundation cited the need to “align with the evolving landscape of global literature” as a rationale for the adjustments. The decision comes amid broader discussions about funding models for literary awards, with some critics questioning the reliance on private donations for institutional changes.
Representatives from the London Book Fair, a major industry event, confirmed that the name change has been flagged as a key development for 2024. “The rebranding reflects a shift toward international collaboration and financial sustainability,” said a fair official, who requested anonymity due to the sensitivity of ongoing negotiations with donors.
The previous name, “Booker Prize,” was derived from the Booker Group, a food and retail company that sponsored the award for decades before withdrawing in 2013. The foundation has not yet commented on whether the new name will influence future sponsorship arrangements or the selection process for judges.
A separate statement from the International Publishers Association noted the prize’s expanded scope but emphasized the importance of maintaining “transparency in funding sources.” The association’s director, Maria Lopez, said, “While financial support is crucial, the integrity of literary recognition must remain independent of private interests.”
The 2024 Booker Prize longlist is scheduled to be published in September, with the winner announced in November. The foundation has not indicated whether the name change will affect the criteria for eligibility or the composition of the judging panel.
