Augmented reality (AR) has been widely used in sports broadcasting. However, little is known about viewer experience with AR in sports event videos. To identify key AR features as well as its advantages and drawbacks in sports event videos, this research conducted a qualitative study through a semi-structured interview with 30 participants. Content analysis on the interview transcript identified four salient features of AR in the sports event video context, i.e., informativeness, novelty, vividness, and telepresence. It also revealed three key advantages of AR to sports audiences, including game comprehension, enjoyment, and fan socialization, as well as two drawbacks, including distraction and inauthenticity. The qualitative study provides a theory-building process and results in a conceptual model, which, based on the net valence approach, postulates the relationships between AR features and viewers' behavioral intentions through the mediation of perceived advantages and drawbacks.