12 month rolling deal???

WORTHY'S CONTRACT - THE FACTS

CITY Chief Executive Neil Doncaster today revealed that Canaries' boss Nigel Worthington is on 12-month rolling contract.

The terms of the deal had been confidential, but all parties have agreed to give First News the facts following inaccurate media speculation suggesting Worthington was on a contract lasting for up to four years, and bulletin board rumours suggesting up to six years.

In a statement to www.canaries.co.uk this morning the Chief Executive not only revealed the length of the manager's contract but also revealed his salary, like those of the players, was dependent on divisional status:

He commented: "I have read speculation that our manager enjoys the comfort of a four, five or maybe even a six-year contract; that in a moment of post-promotion hysteria the Club temporarily lost sight of its policy of prudence with ambition; that the Manager 'played the Board like a violin' to obtain a long-term contract that the Club cannot now afford to terminate.

"To date, we have refused to divulge details of the length of Nigel's contract - a deal negotiated in summer 2004, the details of which were not made public at the time.

"But given the recent tide of misinformation and unhelpful speculation, we now feel it is only appropriate to set out the facts. And Nigel has now waived his right to confidentiality and agreed for the length of his contract to be made a matter of public record to quash the rumours.

worthington

"When negotiating new deals with the coaching team, the Board had full regard for 'corporate governance' - principles that provide best practice guidance, now enshrined in the Combined Code for all listed companies. In respect of senior staff employment contracts, this states that "there is a strong case for setting notice periods at, or reducing them to, one year or less."

"Contrary to speculation, the deals that were negotiated with the coaching team were wholly in accordance with this principle and with the concept of 'prudence with ambition' that the Club holds so dear. Nigel is on a 12 month rolling contract. And the pay is divisional, setting out different rates for the Premiership and the Football League.

"And whilst there would clearly be a financial cost to terminating Nigel's contract, the length of his contracts is simply not the straitjacket on the Club that our critics would have you believe.

"The reason - the sole reason - why the Board has not terminated the contracts of our coaching team is because they believe that this would be the wrong thing to do. That the stability and continuity which has served us so well since Nigel took over in 2001 is the route to the long-term success which we all crave for Norwich City."

Posted By: Only1Deano, Nov 30, 09:58:35