Go ahead and form the team without the schools permission, just dont splash the name or logo over everything. Get people with experience and responsibility on it, and a good coach (ie, you). Try and get gear in the school colors. Then when it's formed and you have the events that you want to compete in, when you will practice, etc. all figured out, approach the principal, superintendent, and/or whoever is in charge of that sort of thing, and make your proposition.
"A bad day fishing is better than a good day at work. Uh, I'll call BS. You ever seen Deadliest Catch? I don't know many accountants that get plunged into 40 degree water and end up with all their friends drowned. And you can always make any scenario worse by adding 'and then a roller coaster cut my head off'. Just saying".
If you can't beat 'em, might as well eat 'em, cause no one's getting out alive!