Sooo..
Sport - a contest or game in which people do certain physical activities according to a specific set of rules and compete against each other.
That's the direct definition of sport from the Merriam Webster's dictionary, and it seems like cheerleading CAN fit all of the requirements. It bases down to the opinion of people, which means no matter what some people are going to see it as a sport, some not. Vice versa, bla bla.