Man Booker Prize - History and Administration

History and Administration

The prize was originally known as the Booker-McConnell Prize, after the company Booker-McConnell began sponsoring the event in 1968; it became commonly known as the "Booker Prize" or simply "the Booker." When administration of the prize was transferred to the Booker Prize Foundation in 2002, the title sponsor became the investment company Man Group, which opted to retain "Booker" as part of the official title of the prize. The foundation is an independent registered charity funded by the entire profits of Booker Prize Trading Ltd., of which it is the sole shareholder. The prize money awarded with the Booker Prize was originally £21,000, and was subsequently raised to £50,000 in 2002 under the sponsorship of the Man Group, making it one of the world's richest literary prizes.

The rules of the Booker changed in 1971; previously, it had been awarded retrospectively to books published prior to the year in which the award was given. In 1971 the year of eligibility was changed to the same as the year of the award; in effect, this meant that books published in 1970 were not considered for the Booker in either year. The Booker Prize Foundation announced in January 2010 the creation of a special award called the "Lost Man Booker Prize," with the winner chosen from a longlist of 22 novels published in 1970.

Before 2001, each year's longlist of nominees was not publicly revealed.

Alice Munro has a unique place in Booker Prize history; The Beggar Maid is the only short story collection to have been shortlisted, doing so in 1980.