When it comes to use on/for with spend money they give different meanings. I’ll try to explain that by the sentence you’ve provided:

(1) I think we should spend the money (on) a sports club with new gym and bar facilities. I understand from this that you’re considering to buy a sports club with new gym and bar facilities.

(2)I think we should spend the money (for) a sports club with new gym and bar facilities.And from this I get the idea that you’re considering to invest on a sport club already exist and run by someone else.