This paper presents a case study of a local school network in England that is well established as a provider of initial teacher education (ITE). School networks are now the favoured providers of ITE in England in a 'school-led' system. Our evidence comes from participant observation and interviews conducted over a five-month period (more than 400 h of data collection). We present evidence of the strategic intent and enactment of this programme. The policy of 'school-led' ITE has been directed by statements suggesting that governance will operate through local networks. However, we also observe the impact of hierarchical and market governance. We review this evidence in terms of interactions between hierarchies, markets and networks and use this review to reflect on the discourse that has driven policy and the discourse that has resisted this policy direction in England.