Celebrate a legend of F1 (5)
I believe the answer is:
lauda
'legend of f1' is the definition.
(Niki Lauda)
'celebrate a' is the wordplay.
'celebrate' becomes 'laud' (I've seen this before).
'laud'+'a'='LAUDA'
(Other definitions for lauda that I've seen before include "Old driver" , "racing driver" , "racing legend" .)