Finishes without century and is defeated (5)
I believe the answer is:
loses
'is defeated' is the definition.
(to lose is to be defeated)
'finishes without century' is the wordplay.
'finishes' becomes 'closes' (close can mean to finish or end).
'without' is a deletion indicator.
'century' becomes 'C' (common abbreviation).
'closes' with 'c' removed is 'LOSES'.
'and' is the link.
(Other definitions for loses that I've seen before include "Fails to win" , "Misoplaces" , "Is unable to find" , "Misplaces" , "Mislays or is defeated" .)