I'll share my exsperience. I sponsored a team because a friends son played on it and it was a cheap way to put some marketing out there. It got my name on the back of the team shirts and got my banner hung on the field.
I was later approached by the league to do actions shots after they looked at some of my work and the other photographer they had couldn't be contacted. After 6 weeks of shooting photos, Two weeks of building 32 individual team pages to cover all the teams in the league to load the photos to, and editing a Ton of photos I came to my first order day, on my order day I got......... Two orders. Out of over 500 photos between 32 teams I got two single orders. Now I will tell you, I knew this going in. The additional work I've picked up and the networking I've been able to do has been well worth it. Because of this venture I landed another gig that is very lucrative and makes more in 15 weeks than I would have shooting all year.. And it looks like I'll be doing the T&I next year for the league as well. As well I use a HITI 720L printer and print pretty much every keeper shot I have at the end of the season. Due to another venture I have in adventure photos I am able to buy a very large volume of paper discounted so I have a 4x6 down to .20 each for my print cost. I set up a tent, print every picture I have action and snap shots through the season and sell more than 80% of what I print. The board for the baseball league has allready talked to the football league and I'm meeting them this month about doing action and T&I for that as well.
I'm not bragging I'm putting this venture into perspective for you if you shoot action shots. It's for marketing and networking and expanding your business. Expect to put in a lot of time shooting and editing and loading to the web. And expect minimal orders if any. What you can do if you have a diverse service offering, is expand the sports shooting to other parts of your business and pick up other work. At my tent print sale everyone who buys something, even one picture, gets a coupon for a 30 min family portrait session. That portrait session cost me 20 bucks in prints and 30 min in time , and another hour editing. Are they huge packages with a ton of profit? NO. But 300 families have a coupon that's good for one month. And I get better than 50% booking on all those session coupons.