No...not end of story. There is no reason why Sky couldn't put together a highlights program and play it on Sky One or Bravo to build the casual fansbase. Advertisers may not be interested, but it would be cheap content that may just help create more fans for boxing on Sky Sports or Box Office. Hell its what they effectively do with pro-wrestling - the big shows are on Sky Sports and Box Office but the recap shows get put on Sky One where those with only a basic package can watch something. Look at the UFC - they're 800 tickets away from selling out the O2 with a card headlined by Michael Bisping - who became a big star in the UK after being featured heavily on Bravo in 2006. The UFC is also making sure that UK fans without access to sports channels get to watch the biggest shows by having highlight programs shown on Five. If an American promotion has the wherewithal to see the big picture and use highlight programs to grow its fanbase, why can't Sky Boxing? Again I'm not saying that first-run boxing really has a future on terristerial tv - unless the BBC wanted to get involved nobody could outbid Sky for the reasons you've outlined Rob. But there's no reason why Sky or somebody else couldn't be a bit more creative in how they use the footage to make new fans.
On this -I've already had two people talk to me about UFC for the first time after Five showed some old fights last night.