Working for a small corporate who does sponsor an AFL team and having worked at a medium corp who sponsored the Hawks there are so many layers to these kinds of things.
Is it a brand only play? If so how much is the spend/over how many years? How long is the season so the brand is in play for as long as possible? Can you use those $$ in other ways to drive more brand or sign ups? Can you get more eyeballs through a billboard on Citylink or more from digital spend than this sponsorship?
How big is the member base/how much access to them do you get to pitch your product (whats the reach)? Is the club on the up and potential for new members in yrs 2 and 3 etc.
Does the product you have align/can it be sold to the members/fans?
What kind of acquisitions do you think you can get out of the members and other fans who may see your product? The old company did well out of Hawks, they signed up just before hawks won the first of the 4 flags. Lower cost, lower CPA for first couple of years, decent take up by members with an ok CPA.
How well do you work with the club? We have an awesome relationship with our club who work hard to provide value to the partner.
In our case what kinds of values does the club have and do they align with or exceed our values? We are constantly pitched to by NRL clubs... no fkn wwwaaayyyy mate!
What kind of access can you get to other sponsors/partners/anyone else associated with the club or code?
It is pretty subjective especially if it is a brand play only (but clubs provide "value metrics" you need to pick apart), acquisitions and CPAs are easy to measure.