Should I start investing in academy, or should improve facilities / sponsor before?
If I keep improving, what should I prioritize?
Thank you.
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Id advise getting some more sponsor slots first and gaming house 8 after that you can save up some money and start training academy players if you think you are ready for it and have enough daily income to do it.
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Expanding On Weedfish's advice. Academy is to be used as a stopgap when Gaming House upgrades become overly expensive and you are running out of coach training positions. Gaming House upgrades are definitely worth your money.
As your daily teamELO growth diminshes you can scale back the number of team ranked games being played. Which in turn allows you to increase training/ChampMastery/streaming for your players without having to invest more in sleeping area or Utilities.