"This drawing was a criticism of Netanyahu, and not of the Jewish people: there was no slight whatsoever intended against them."
It comes after Rupert Murdoch, owner of News International, revealed his disgust over the decision to feature the cartoon.
Mr Murdoch wrote on Twitter that his company owed a "major apology for grotesque, offensive cartoon".
Martin Ivens, acting editor of the Sunday Times, met members of the Board of Deputies of British Jews today to discuss the controversy over the cartoon.
According to the Board, Mr Ivens told them that "the associations on this occasion were grotesque and on behalf of the paper I’d like to apologise unreservedly for the offence we clearly caused. This was a terrible mistake."