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John Kinsella has become the second poet to withdraw from the �TS Eliot Prize' in protest over its sponsorship by investment firm, Aurum Funds.

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John Kinsella has become the second poet to withdraw from the TS Eliot Prize' in protest over its sponsorship by investment firm, Aurum Funds.

The Australian poet who is short listed for his collected of poetry titled Armour' stated that the organisation chosen by the Poetry Book Society to sponsor the award after losing its public funding, was not a wise choice. Poet Alice Oswald withdrew from the shortlist also this week stating that she too felt uncomfortable' about the sponsorship and has made other shortlisted poets think twice about their involvement in the prize-giving it seems.

The Prize money, £15,000 for the winner and £1,000 for each of those shortlisted is donated by T S Eliot's widow Valerie and the late poet's estate. The sponsorship deal has brought some poets to question the acceptability of big business and capitalist investment in the arts, Kinsella told The Bookseller':

He had difficulty with the general principle of having an investment company as a sponsor, saying: 'Hedge funds are at the very pointy end of capitalism, if I can put it that way.'

Poetry Book Society vice-chair Desmond Clarke defended Aurum's sponsorship, saying he respected the poets' decision to withdraw from the shortlist, but thought it was 'misguided'.

He stated 'For some time financial institutions such as Man, EFG and Duncan Lawrie, the private bank that supports Arvon, have sponsored prizes, literary festivals and competitions.' The two withdrawals leave poet laureate Carol Ann Duffy, John Burnside, Leontia Flynn, David Harsent, Esther Morgan, Daljit Nagra, Sean O'Brien and Bernard O'Donoghue still shortlisted for the prestigious prize.

The winner will be announced on 16th January at an awards ceremony in London.

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