What is the best way to handle a club sport?

You will have trouble getting corporate sponsors to support you without having tax exempt status and even more if it is a for profit enterprise (you can be for profit, non profit or tax exempt). Such a structure is rarely supported by corporate donations, and some corporations will be prohibited from sponsoring for profit groups. There may be grants from cities and states and the feds that would be viable depending on the goals and entity structure, but those can be difficult for a profit entity to get.

One way to explore this is to look for other groups like yours and see how they are structured. Google them, ask your community leaders if they know others, look for state associations that govern your sport and make inquiries. Your state may have a special structure that can be used, but be prepared to find out that a for profit entity will be difficult if not impossible to maintain without corporate donations or tax exempt status.