Just ahead of time in competition (5)
I believe the answer is:
event
'competition' is the definition.
(I've seen this before)
'just ahead of time' is the wordplay.
'just' becomes 'even'.
'ahead of time' becomes 't' (I've seen this in other clues).
'even'+'t'='EVENT'
'in' is the link.
(Other definitions for event that I've seen before include "Meeting" , "Occasion; sports contest" , "Thing that happens" , "Sporting contest" , "Occurence, occasion" .)