Credit:
YouTube has been a destination for both the lPL and live streaming before, just not at the same time. It streamed U2's Rose Bowl concert to 10 million viewers across seven continents last year, and there's an IPL cricket channel that shows pre-recorded highlights from league matches.
Live sports coverage has been one of the greatest reasons to keep those cable or satellite subscriptions, so YouTube moving into this area could be another step towards the dominance of Internet-based TV. There have actually been live-streaming options for sports online before; they just usually come with subscription fees. For example, ESPN Insider members have access to live streams of much of what the network of sports channels covers.