Game and ultimately Margaret Thatcher maybe losing lead (6)
I believe the answer is:
tennis
'game' is the definition.
(tennis is a game)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for tennis that I've seen before include "Sent in, strangely, for sport" , "Net sport" , "Racket-and-ball game" , "Real or lawn game" , "Sport Dwight Davis gave trophy for" .)