licences also included clauses which took into account the promise of an "ITV2" UHF channel to be launched if the Conservative Party won the 1964 general election. Despite the review, no company lost its position as the local ITV contractor for their region and all licences were extended for another three years (starting July 1964), although several of the major companies were instructed to strengthen the regional emphasis of their on-screen identities. The only change to the network was the formation of a single Wales and West franchise, operated by TWW, following the collapse of WWN and its subsequent takeover by TWW. WWN ran into trouble when it had problems with the construction of its transmitter network, as well as strict provisions in its contract to produce a large amount of Welsh-language programming. This meant that WWN lost a lot of money and, despite some help from other ITV companies, it declared itself bankrupt on 26 January 1964 – the only ITV company to have ever done so. Overall, the regional companies made a profit within the first few years of their existence; the largest regions especially so. Roy Thomson, the Canadian founding chairman of Scottish Television, described the ownership of an ITV franchise as "a licence to print money". 1968–1974 Another franchise review was called by the ITA on 12 June 1967, for contracts running from the end of July 1968, that was to drastically change the structure of ITV itself. The review aimed to ensure that the ITV system was ready for the impending arrival of colour broadcasting, and also to again allow for the potential start of ITV2, should the Conservatives win any general election held after 1970. The behaviour of some of the companies only reinforced the ITA's assumptions of 'arrogance' following the few changes in the last franchise round: Rediffusion London's department managers also popped up in similar roles for rival applications and TWW reapplied for their contract under both their own name and that of WWN/Teledu Cymru as a tax dodge. As a result, Lord Hill had made it clear in 1966 that "all bets were off" on the next franchise round and that the regions themselves might change. Therefore, in the period between the interviews of each applicant and the announcement of the changes, the newspapers speculated wildly about the likely changes: suggestions were made of Scottish Television exiting the system, Rediffusion London