The main objective of this study is to determine the role of partnerships in the university sport sector as a mechanism of collaborative entrepreneurship. To reach this goal, a qualitative approach was adopted, with the case study being a Portuguese Institute of Higher Education—University of Beira Interior. As data collecting instruments, interviews and documentary analysis were used, and the data-treatment technique was content analysis. The results obtained lead to the conclusion that university sports partnerships can be understood as collaborative entrepreneurship, in that they join the interests of different institutions in carrying out common projects of social value and intervention, helping universities to integrate with, and open up to society, and both internal and external stakeholders. In light of these insights, this article is a contribution to understanding the importance of partnerships as a form of collaborative entrepreneurship in the university sport sector. Some theoretical and practical implications are also presented.