Sports are ridiculously sensitive to lag, though. In my former office we tried once to stream the World Cup in our internal network, and it worked fairly well... except for a 1-2 second delay.
The result? You'd hear the screams from the neighboring offices (and it was very easy to differentiate whether the team scored or missed based on those), but in your version the ball was still in play, so the emotion was gone.
Used to have much fun with an ex-neighbor. He was a massive football(the one you play with feet) fan, and when his beloved Liverpool played, I could literally follow the game via his excited, or gutted, out bursts from next door. He watched on Sky Sports. I, however, had the radio on. Sky was delayed by seconds compared to the radio broadcast. So, we realised that we could mess with him knowing that we knew what was happening 2-5 secs before he did, by cheering or groaning at the wrong bits!!!
Turns out, Scousers actually don't have the best sense of humor in the UK.
The result? You'd hear the screams from the neighboring offices (and it was very easy to differentiate whether the team scored or missed based on those), but in your version the ball was still in play, so the emotion was gone.