That is true. Also if they go direct to public they then have the issue of fluctuating revenue streams as opposed to guaranteed income. And the added problem they have is if they use the internet or other devices and the picture quaility is not good or buffers they will lose customers.
And while I think about it, going direct could also lead to lost revenue as people will get illegal copies thus reducing income whereas if sold to PAYTV income is set in concrete.
And they will also have to film their own sport which will add to the cost.