Disgraced surrounding Royal Ascot, eg (4)

I believe the answer is:

race

I'm a little stuck... Click here to teach me more about this clue!

'surrounding royal ascot eg' is the definition.
I can't judge whether this defines the answer.

'disgraced' is the wordplay.
'RACE' is hidden in amongst the letters.
But, I'm unsure how this is indicated.

Can you help me to learn more?

(Other definitions for race that I've seen before include "The ... is not to the swift (Bible)" , "Care about contest" , "Contest; nation" , "Run quickly" , "descent" .)

I've seen this clue in The Mirror.

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