Feathery scarf and sign for University event (4,4)

I believe the answer is:

boat race

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

'university event' is the definition.
'boat race' can be an answer for 'event' (boat race is a kind of event). I am not sure about the 'university' bit.

'feathery scarf and sign' is the wordplay.
'feathery scarf' becomes 'boa' (type of feathery garment).
'and' is a charade indicator (letters next to each other).
'sign' becomes 'trace'.
'boa'+'trace'='BOAT-RACE'

'for' is the link.

Can you help me to learn more?

(Other definitions for boat race that I've seen before include "Cockney's face" , "Putney-Mortlake event" , "televised row, perhaps" , "Sports event" , "Cockney has to face" .)

I've seen this clue in The Times.

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