Again set up old seat of learning, losing one by park (12)

I believe the answer is:

reconstitute

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'old seat of learning losing one by park' is the definition.
I can't judge whether this definition defines the answer.

'again set up' is the wordplay.
'again' becomes 're' (prefix meaning 'again').
'set up' becomes 'constitute'.
're'+'constitute'='RECONSTITUTE'

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(Other definitions for reconstitute that I've seen before include "Reassemble from parts" , "Restructure" , "Reform" , "Restore" .)

I've seen this clue in The Times.

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