Award,set up as literary antidote to the Booker, will halt its £40000 prize as hunt for new sponsorship goes onThe Folio prize, or set up to challenge a “dumbed down” Man Booker in 2011,is to be suspended for a year while its directors continue to search for a new sponsor. It was announced in spring that publisher the Folio Society would not be renewing its backing after two years, during which the £40000 award was won by the short myth writer George Saunders and novelist Akhil Sharma.
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Source: theguardian.com