If that was all they were doing, that would be true. However, if they were going to use the footage to replay on delay, show highlights etc. to UK based subscribers that would be available to everyone, then streaming it first wouldn't be such an overhead.
We wouldn't need full production values, commentators, action replays and the like.
Still might not be viable, but it's amazing what you can do with a cheapo HD Camera and a decent internet connection these days.
Or, of course, they could enlist the help of a sponsor.