Level time in race perhaps (5)
I believe the answer is:
event
'race perhaps' is the definition.
(race is a kind of event)
'level time' is the wordplay.
'level' becomes 'even' (similar in meaning).
'time' becomes 't' (abbreviation).
'even'+'t'='EVENT'
'in' acts as a link.
(Other definitions for event that I've seen before include "Episode" , "'Occurrence, happening (5)'" , "'Occurrence, occasion (5)'" , "Sporting contest" , "Something happening" .)