Drink event with reduced prices failing to start (3)
I believe the answer is:
ale
'drink' is the definition.
(type of beer)
'event with reduced prices failing to start' is the wordplay.
'event with reduced prices' becomes 'sale' (promotion in which prices are reduced).
'failing to start' means to remove the first letter.
'sale' with its first letter taken away is 'ALE'.
(Other definitions for ale that I've seen before include "Intoxicating drink" , "brewing?" , "The A in CAMRA" , "Type of beer" , "Similar to beer" .)