Could have been spent in old Ireland (4)

I believe the answer is:

punt

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'could' is the definition.
Although both the answer and definition are verbs in their base form, I can't understand how one could define the other.

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for punt that I've seen before include "Flat-bottomed poled boat" , "Kick -- bet -- boat" , "Open flat-bottomed boat" , "Riverboat" , "Pre-euro currency unit of Ireland" .)

I've seen this clue in the Evening Standard.

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