I'll drink to that: Baileys announced as new sponsor of (formerly Orange) Women's Prize for Fiction

Kate Mosse is chair of the Women's Prize for Fiction board (Rex Features)

The winner of the Women’s Prize for Fiction next year will be able to raise a glass of cream liqueur in celebration after Baileys stepped in to sponsor the award.

The alcoholic drink brand, owned by Diageo, has signed a three-year deal to back the award – now known as the Orange Prize – from 2014.

Kate Mosse, chair of the Women’s Prize for Fiction board, said there had been interest from close to 25 potential backers to sponsor the £30,000 prize, but Baileys “impressed not only by the scale of their ambition, but also their passion for celebrating outstanding fiction by women”, she said.

This year’s prize will be awarded tomorrow, with Hilary Mantel going up against rivals including Zadie Smith and Barbara Kingsolver.