There is a chance of that happening in 2017 with the team's continental challenge progressing well.

句子结构分析如下：

There is:存在句谓语；

a chance: 主语

of that happening in 2017 with the team's continental challenge progressing well：介词短语作定语修饰chance

其中that happening为动名词复合结构（带逻辑主语的动名词），

in 2017为动名词的时间状语

with the team's continental challenge progressing well为with复合结构作动名词的伴随状语，（progressing well为with的宾语补足语）