With the way sites are going to start being seized by the U.S. with the new laws they put into effect that alow them to basically take just about anyone's domain name now set in place, I dont think the pirate community has much longer before its all over. Then after that they will use the law to circumvent free speech.
So with that said the best idea IMO is to get together with a bunch of friends and use a site like www.ustream.tv
then pay for and maintain a PRIVET stream and just all pay for the fights.
For fans like me its nice because im a bit of a loner so I can get online here and just hit up a few people, ten people at 5 a piece gets you a hd stream, you just have to pick the right site to stream it. I used Ustream as a reference but IMO there are a few better places if you know what your looking for.