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Even though being sponsored is a good thing, it also has a downfall with it. Sponsorships, can basically fall down to the ground if your media status is ruined or if you are charged with a crime if this happens, you could and will lose a lot of money.
For big companies like Nike, they sponsor most big sports teams and stars. Of course Nike is a sport company but other companies sponsor other sports like Formula 1 and NASCAR.
Sponsorships are basically commercials except that companies are the commercials for certain brands and sports team. It always doesn't have to be sports teams, it can be sports stars. Sports stars who sponsor big companies like Nike, they get a good pay. Thats exactly the same with sports teams.