A cult sport designed for the very rich (10)

I believe the answer is:

plutocrats

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'the very rich' is the definition.
I can't tell whether this defines the answer.

'a cult sport designed' is the wordplay.
'designed' is an anagram indicator (designed with the letters).
'a'+'cult'+'sport'='acultsport'
'acultsport' anagrammed gives 'PLUTOCRATS'.

'for' is the link.

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I've seen this clue in The Globe and Mail.

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