Is it legal to provide an alternative audio commentary to a match?

I grew up in Australia and have fond memories of listening to HG and Roy doing radio broadcasts of Wimbledon and Aussie Rules finals while watching them on TV, all the while pretending to be at the events.

Would this be legal to do for Premier League matches? It would be nice to have some alternative options to the hopeless commentators available on the various channels.

Specifically, I'm interested in doing an internet broadcast with a friend of Liverpool games while we're watching them on TV. Just not sure how that works with broadcast rights.