Sky is understood to have had a private equity partner ready to assist in its acquisition of ITV shares last November.

According to The Guardian, the partner pulled out at the last minute, causing Sky's chief executive James Murdoch and finance chief Jeremy Darroch to agree for the satellite broadcaster to fund the 17.9% stake in its entirety.

Last week the Competition Commission ruled that Sky's ITV shareholding "restricts competition" and is "against the public interest". The Commission is currently consulting on remedies which could include Sky relinquishing some or all of the stake, for which it paid around £940 million.

City insiders suggest that having a private equity partner on board indicates that Sky originally intended to acquire a less significant stake in ITV, and that if forced, it may choose to sell part of the shares to the same party.