07/26/2006 12:00AM

Guild to make counteroffer

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The Jockeys' Guild board of directors voted on Tuesday night to make a counteroffer to Dwight Manley, the coin dealer and sports agent whom the guild elected in June to be its next national manager, the counsel for the guild said on Wednesday.

Tom Kennedy, the guild's New York-based counsel, said the guild's nine-member board "instructed me to make a final proposal to Mr. Manley" on how Manley would be compensated as national manager. Kennedy declined to give details about the employment contract, but said that "we weren't on the same page, and the jockeys felt they needed further protections."

Manley did not return a phone call on Wednesday.

On Monday, Manley said his lawyers proposed that his compensation be based on a 20 percent cut of "new revenues" that he brought into the guild, though he declined to identify the revenue sources.

Also as part of his proposal, Manley said, he would provide the guild with a loan of $500,000 that would not bear interest until after one year.

The guild has not had a permanent national manager since the board voted to fire its former chief executive, L. Wayne Gertmenian, last November.- Matt Hegarty