ITV has found itself in the eye of a hurricane in the form of the worst advertising recession in the history of television without a captain on deck and a helmsman about to depart.

Last night, Tony Ball, a keen sailor and would-be pilot of ITV, was back in his home near Barcelona, no doubt looking forward to a few days relaxing on his yacht in the Mediterranean to forget a gruelling and ultimately fruitless negotiation with ITV’s board.