Fabled race loser (4)
I believe the answer is:
hare
'fabled race loser' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for hare that I've seen before include "'Swift, long-eared animal (4)'" , "animal running in fields" , "Sect: -- Krishna" , "may be electric!" , "Timid creature" .)