Concession managed by old singer (7)
I believe the answer is:
soprano
'singer' is the definition.
(soprano is a kind of singer)
'concession managed by old' is the wordplay.
'concession' becomes 'sop' (sop is a kind of concession).
'managed' becomes 'ran' (I've seen this before).
'by' is a charade indicator (letters next to each other).
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'sop'+'ran'+'o'='SOPRANO'
(Other definitions for soprano that I've seen before include "Highly vocal musician" , "High singing voice" , "Isolde, Violetta or 25" , "gangster" , "(Singer of) the highest vocal range" .)