Sky pulled news story on F1 shares The chief executive of British Sky Broadcasting ordered a news story to be removed from the Sky News website after an executive producer complained that it had upset Formula 1 racing teams. Jeremy Darroch intervened after the article, which described a controversial agreement involving F1 chief executive Bernie Ecclestone and two racing teams, appeared on the eve of BSkyB's inaugural broadcast of the global motorsport. People familiar with the decision said that Martin Turner, executive producer of Sky Sports new F1 channel, called his bosses from Melbourne, where his team was about to broadcast the season-opening Australian grand prix, to say that the article had caused a strong negative reaction from some F1 teams. Mr Darroch ordered the article to be taken down, subject to a review of the story. That review was carried out on Monday by John Ryley, the head of Sky News, and the story was republished on Monday afternoon substantially unchanged except for the replacement of some sections quoting directly from confidential documents. "It was an oversight that the article appeared without those BSkyB colleagues for whom it might have caused a problem being made aware," said a person familiar with the weekend's discussions. The person described the removal of the story as "a pause for thought." A BSkyB spokesman said: "The piece was withdrawn for further review. We stand by the story and, following that review, took the decision to re-publish on Monday. Questions about the Sky News" independence were raised when News Corp, which owns 39.1 per cent of BSkyB, proposed to buy the rest of the broadcaster. Ofcom, the broadcasting regulator, asked whether the deal would reduce diversity in the UK news industry. In response to these concerns, News Corp offered to spin off Sky News as a separate listed company. The phone-hacking scandal at News Corp's UK newspaper division has also focused attention on potential conflicts between journalism and commercial interests at all British media groups. Seven of F1"s 12 racing teams met in Australia on Sunday to discuss how to respond to the report. The report cited leaked documents showing that Mr Ecclestone and CVC, the private equity group that has owned the sport's commercial rights since 2005, asked Goldman Sachs to help place some of its F1 shares. According to people familiar with the discussions, Mr Ecclestone and CVC have struck separate commercial deals with Ferrari and Red Bull as part of their obligation to divide F1"s revenues with all 12 teams through 2020. A person close to the negotiations said the plan to give Ferrari and Red Bull shares and voting rights on F1"s board were part of a strategy to maximise the sport's value ahead of a public offering, preventing the establishment of a breakaway series involving the two teams. Most F1 teams want Mr Ecclestone and CVC to negotiate a division of the spoils, through a so-called Concorde Agreement, with their trade body, the Formula One Teams Association. But Mr Ecclestone told the FT he did not recognise Fota: "Fota can't sign anything with anyone." He declined to discuss the leaked documents, originally reported by Sky News, and said he did not know what F1 was now worth. Ferrari, Goldman Sachs and CVC also declined to comment. One person close to the situation said CVC needed a new Concorde Agreement to establish a value for F1 as a prelude to any sale of its commercial rights. Options include a listing for the sport in Singapore, which would establish a price for prospective buyers to meet. One senior F1 team executive dismissed the mooted agreement with Ferrari and Red Bull as "a pipe dream." But another team executive argued it fitted in with Mr Ecclestone's long-term strategy, which he said was to "divide and conquer" F1"s 12 racing teams. Others described the agreement as a way of dealing with "the Ecclestone problem," which is how F1 carries on without the man who has run it for 50 years. Additional reporting by Daniel Schaefer