Finally cheer on home team’s privileged member? (7)
I believe the answer is:
insider
'privileged member?' is the definition.
(I've seen this before)
'finally cheer on home team's' is the wordplay.
'finally' says to take the final letters.
'on' means one lot of letters go next to another.
'home' becomes 'in' ('he's home' can mean 'he's in').
'team' becomes 'side' (both can mean a sports team).
The final letter of 'cheer' is 'r'.
'in'+'side'='inside'
'r' put after 'inside' is 'INSIDER'.
(Other definitions for insider that I've seen before include "Accepted member of group, in the know" , "Accepted member of accepted group, has access to information" , "Person privy to secret information" , "one's not allowed to trade" , "one familiar with company dealings?" .)