Further to the Arsenal/ITV story, in ITV's recently released annual report the broadcaster lists its"interest in ordinary share capital" in Arsenal as being 10.05%. This figure contravenes the upper limit of 9.9% that media companies may invest in football clubs. This rule was brought about following the attempted takeover ofManchester United by BSkyB. Arsenal are reported to have been advised to inform ITV of the conflict (although, as far as I'm aware, ITV have not been reported of the need to inform their viewers of the conflict of interests when broadcasting Champions League football).
Source: The Guardian
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