Risk management is crucial for sports organizations facing a broad spectrum of risks including athlete injuries, financial instability, operational challenges, and reputational threats. This paper examines the risk management landscape in sports organizations through a rigorous literature review and case analyses. The study highlights the significance of risk identification, assessment, mitigation, and communication in safeguarding organizational goals. The integration of technology and adaptive frameworks is emphasized to manage evolving risks effectively. A tailored risk management framework is proposed to enhance the resilience and sustainability of sports entities.