Acknowledge record bridge player holds a single time (7)
I believe the answer is:
concede
'acknowledge' is the definition.
(I know this)
'record bridge player holds a single time' is the wordplay.
'record' becomes 'cd' (type of musical record).
'bridge player' becomes 'e' (bridge players are North, East, South, West).
'holds' indicates putting letters inside.
'a single time' becomes 'once' (I've seen this in another clue).
'cd'+'e'='cde'
'cde' enclosing 'once' is 'CONCEDE'.
(Other definitions for concede that I've seen before include "Make concession" , "Surrender, yield" , "Acknowledge defeat" , "Allow - give up" , "Admit; surrender" .)