Commentary overlooking grand defeat (4)

I believe the answer is:

loss

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'defeat' is the definition.
(I've seen this in another clue)

I don't understand how the rest of the clue works.

(Other definitions for loss that I've seen before include "Failure to profit or succeed" , "sacrifice?" , "Financial shortfall" , "Defeat (in sport)" , "Defeat; bereavement" .)

I've seen this clue in The Independent.

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