I don't know much about other sports, but cheerleading sponsors DO own the squad, in a way. (My sister cheered for years, so I saw it all.) They are the head honchos, and you don't argue with them. When I was on a pee-wee squad in elementary school (I know, I know, but this is my only first-hand experience), our sponsors were also our coaches. They were the ones who ran our practices, which were 2 hrs. twice during the week and then 4 hrs. on Saturday, and they also basically ran the squad. I can only imagine how much more difficult it is when you have the school to deal with, too. One of my best friends cheered in high school, and her squad's sponsor was really bitchy. My friend showed up for a game one time decked out in her uniform and the sponsor screamed at her that she looked like s**t! Now I remember why I didn't continue with that sport...
