<p>This work aims to analyze the internal and external risks faced by basketball club operations under the background of the "Double Reduction" policy and propose a flexible, multi-dimensional collaborative governance model. First, it employs the Analytic Hierarchy Process (AHP) to systematically analyze the external and internal risks faced by basketball clubs. In terms of external risks, policy and economic risks are identified as the primary influencing factors. Specifically, the uncertainty of policies and fluctuations in the economic structure have exerted significant pressure on club operations. Besides, among internal risks, operation and management risks and financial risks are assessed as the most critical. Service quality, expansion scale, financial management, and investment risks are identified as key factors affecting the stable operation of the club. Based on the risk analysis, the work proposes a multi-dimensional collaborative governance model that emphasizes cooperation and interaction among the government, the club, and various social stakeholders. By establishing cross-departmental coordination mechanisms to promote information sharing and resource integration, clubs can better respond to external environment changes and internal management challenges. This can enhance their ability to manage risks and improve operational efficiency. In particular, adjusting operational strategies in response to policy changes and optimizing resource allocation are crucial for the long-term healthy development of the club. Finally, this work provides systematic theoretical support and practical guidance for risk management in basketball clubs. Through scientific risk identification and governance models, basketball clubs can maintain stable operations in complex and ever-changing environments and offer insights for other sports organizations operating in similar situations.</p>