Concession managed by old singer (7)
I believe the answer is:
'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).
(Other definitions for soprano that I've seen before include "(Singer of) the highest vocal range", "Singer of high notes", "Isolde, Violetta or 25", "gangster", "Female singer".)