What is the best way to handle a club sport?

Set it up as a state non-profit corporation and then get IRS 501(c) status to get it federal tax non-profit status. This will help get you the sponsorships you are seeking. As a legal entity it will exist forever until it is dissolved.

Contact a GA lawyer to set this up correctly.

Good luck.

Disclaimer. I am not your lawyer. The information provided is merely for educational use. Contact a lawyer in your state.

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.