The broadcaster should have sold 40 shares worth £208,000 sooner, but it only discovered last year that those shares had been held in contravention of Premier League rules on media-company ownership of football clubs. Despite hasty efforts from the company to inform Premiership authorities at the time, it only received a response a fortnight ago.
"This holding only came to light with a statutory audit," said a spokesman for ITV. The delay earned the company a profit of almost £500 per share since November – money the trust wanted donating to them. ITV plc was formed when Carlton and Granada regions merged in February 2004. That led to its total stake in Arsenal rising beyond the 9.99% permitted by the Premier League.
Source: The Guardian