There's perhaps more to this.... World Of Sport is returning to TV soon on ITV for a special... there seems to suddenly be some appetite for wrestling on the biggest channels. BBC have done a lot of documentaries in recent years, covering ICW, Finn Balor's last days in Japan and NXT at Download... ITV being a commercial station have that lead in to the X-Factor etc... Wrestling would be a perfect Saturday tea-time/early evening show, much as Gladiators once was... provided they don't dumb it down like they tried a few years ago with Celebrity Wrestling...
It's only a special at this stage, but if it does well then it's not beyond the realms that there will be a return to some form of televised regular wrestling, probably not live... but it's not inconceivable.
Challenge might be freeing up funds to be involved in making that show... ITV probably won't throw tonnes of money at it, maybe enough for one "big name" but much as now The Fight Network are part of running TNA, Challenge could easily invest a bit into the infrastructure of the new World Of Sport venture...or whichever fed is actually running the shows... but they can't do that if they're throwing funds at TNA, who may well be gone anyway, leaving them with no product.
Wrestling on TV in the UK is gonna be British again in one way or another, if ITV don't want the whole show/season, Challenge will easily take it and do well from it.