The Cambridgeshire team were beaten by a team from Star Radio who swept to victory for the second year running.
The Standard team, led by editor Debbie Davies, came behind a local fire crew in second, after recovering from a sluggish start.
A squad from sports store Millets took fourth spot, using a wok instead of the traditional frying pan.
Debbie said: “When you get paid to take part in a pancake race you realise you have the best job in the world.
“The Ely Pancake Race used to be an annual event, but when the city council decided to pull out three years ago, the Ely Standard stepped in to resurrect the event.
“It’s a great opportunity to brand ourselves and the number of spectators this year was double last of the first year and we hope it will get even bigger next year.
“Our local newspaper budget meant we had to organise the event on the cheap so the trophy is a £3.99 frying pan that we get engraved at a local outlet and the pancake ingredients are sponsored by Waitrose.”
The race itself featured six teams from east Cambridgeshire and took place in the town’s market place.
All Subbed Out (22/02/2010 09:40:00)
They’re lucky to have got the £3.99 budget for the pan, and should be proud they can still involve their paper in local events and promote its name so clearly to the public. So very many newspaper bosses chip away at promotional and marketing activity of this kind until they kill it off altogether.