Considering getting rid of cable...

Hoping that the more technologically adept among you might be able to help. I am considering getting rid of my cable television programming to save some money and just going with a Hulu, Netflix, Amazon Prime type product with an HD antenna for local stuff. My biggest stumbling block is being able to watch racing, F1, Grand Am, and Aussie V8 mainly. Due to the time difference being in the U.S. it makes live streaming impractical. If I was to make this move is there any option for on-demand type streaming of racing. I don't mind paying if it is a package like MLB or NFL channel type product.
I am sorry if this is a dumb question but I would appreciate any feedback. This issue is the only thing keeping me from pulling the plug on cable TV. I don't watch a lot of TV other than racing so this is a real stumbling block for me.
 
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