Willy Russell and Tim Firth are putting up the money for an annual prize aimed at fostering new talent. Read more from the BBC website here.
Russell said: "Talent, artistry, creativity, tenacity and strength of character - all essential qualities in the process of making a play. But the inescapable fact is that theatre is also a brutally practical business - especially when it comes to money. No money, no show. In 1972, I blagged, begged and borrowed until I had enough - just enough - to produce my first Edinburgh show. Without the faith of those who invested in a very fledgling talent I might have eked out my years as the worst hairdresser in the world!"David Pugh, the theatre producer behind 'Art' and 'The Play What I Wrote', will administer the award.