Almost tie with three Olympians in speed events (4,5)

'speed events' is the definition.
(type of motor race)

'almost tie with three olympians' is the wordplay.
'almost' means to remove the last letter (most of the word but not all of it).
'tie' becomes 'draw' (synonyms).
'with' says to put letters next to each other.
'three olympians' becomes 'graces' (as in the Graces of Greek mythology).
'draw' with its final letter taken away is 'dra'.
'dra'+'graces'='DRAG RACES'

'in' is the link.