Legal Issues With Streaming Media?

Hello;
I'm in the process of starting up a Motorsport Streaming Facility that will finally go live in 2007. I know that seems a long way off but I want to get all the nitty gritty stuff done now so that we can have a good launch in 2007.
As I used to formally run a Hosting Company and had my own boxes, i'm thinking of moving them to different areas around Europe (and maybe USA depending and installing a capture card so that they can tune into local tv stations and then stream the live racing footage/save to the hardrive for download after the event.
I'm just wondering the legalities about this? I've heard that there is nothing stopping you streaming live feeds from tv-stations. This site will not be a profit-making website, but will providing fans a modernised more proffessional site so that they can get close to the action of their beloved motorsport.

Please can someone help me with these legal issuses,

Thanks,
Ryan