I think you're misunderstanding Will. UK Gold was already a channel, launched in 1992 as partnership between BBC Worldwide and Thames. IIRC in the mid-90s the BBC wanted to joint launch a new BBC digital network (BBC Choice, Learning, Horizons, Arena, Style, Sport) with Flextech (who had taken over Thames' share one way or another). The BBC didn't want them to carry ads, Flextech did. The deal struck was that the BBC Choice and Learning channels would launch as intended, I.e. non-commercial BBC branded and owned channels, whilst Horizons, Style, Arena and Sport would launch as 'UK' channels under the 'UKTV' network - I don't think they would have renamed UK Gold as BBC Gold - however BBC/UK Sport never launched. BBC Learning became Knowledge.
Here is an old article which deals with the launch the new digital BBC channels and how half of UKTV ended up in Flextech's hands.
Under the deal Flextech will consolidate its ownership of two channels, UK Gold and UK Living. These are co-owned by the BBC, Flextech, Pearson and Cox Communications.
Flextech will buy out Pearson and Cox, who will both be left with shares in Flextech. Greg Dyke at Pearson's TV arm will end up with a 7 per cent stake in Flextech. However, there will be a share agreement which will secure TCI's control of Flextech.
Initially the venture will produce five new channels: BBC Showcase, an entertainment channel; BBC Horizon, documentaries; BBC Style, lifestyle; BBC Learning, for schools, and BBC Arena, for the arts. Three further channels are scheduled: BBC Sport, BBC Catch-Up, for repeats of popular programmes within days of their original transmission, and BBC One, a TV version of Radio One.