The most common and most likely answer to this crossword clue is the 16 letter word ALL‑IN WRESTLING
I've seen this crossword clue in The Guardian
A
L
L
â
€
‘
I
N
Â
W
R
E
S
T
L
I
N
G
Buddy explains!
The straight part
We know that "sport" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case sport = all‑in wrestling.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.