It won't happen for at least several years.
Remember C7s offer, which involved a Rugby League channel, was significantly higher than Fox Sports for the NRL rights. The NRL went with Fox Sports giving the reason "We don't want an NRL channel where the public pays $6.95 a month even though there will also be coverage of First Division, Metro Cup, and QLD Cup; because the public wouldn't like it." Of course it was bullshit, but if the NRL said the real reason they'll be stuffed legally. 7 is taking practically everyone to court - NRL, Fox Sports, News Ltd, Channel 9, Telstra & Foxtel, over this matter. The case has been set down to begin in January 2005.
C7 still showed the Metro Cup finals series that year, but not the full season like they planned on the RL channel - they were going to show QLD Cup every week the following year (different game that the ABC shows), but that's when Optus & Austar dumped C7. The First Division(now Premier League) rights are included with the NRL and since Fox Sports refused to show any despite having the rights, we couldn't get any coverage.
They are also (at the same time) taking the AFL, Channel 10, & Channel 9 to court over the AFL procedings. And Foxtel, Telstra, Fox Sports, Optus & Austar over C7 being forced out of the market.
They will win the 3rd case, there is no doubt. But no hope of getting all the demands they want which are just totally over the top ($2.4 billion, given News Ltd share of Foxtel free of charge, and some other things which I can't remember)
The AFL case they are no hope.
The NRL one, if 7 can prove the truth they will win. It's just proving it that's hard. The NRL isn't going to give them the proof they need for a massive damages payment. And the court wouldn't be dumb enough to hear from the NRL - "We changed our minds on the NRL channel"
Fox Sports is a joke. They have the rights to the entire archive of ARL matches ever played and never show great games from the past. SportsAustralia used to show one game a week. C7 would have had they been given the rights they deserved. No Premier League despite having the rights. No showing of internationals not involving Australia. And crap like that. A total disgrace. Anyone would think Fox Sports wants League to die and Union rule all, so they don't have to buy up twice.
Fox Footy is in desperate financial trouble (much like SportsAFL went broke way back), but the money they are asking for is more than double what C7 was going to charge. And free-to-air coverage in the AFL states covers the majority of games anyway unlike the fta coverage of the NRL. So it will be more successful.