Likewise, managed to lose one money at the races? (4-3)

I believe the answer is:

also-ran

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'lose one money at the races?' is the definition.
I can't judge whether this definition defines the answer.

'likewise managed' is the wordplay.
'likewise' becomes 'also' (synonyms).
'managed' becomes 'ran' (both can mean organised or was in charge of).
'also'+'ran'='ALSO-RAN'

'to' is the link.

Can you help me to learn more?

(Other definitions for also-ran that I've seen before include "This horse doesn't win" , "One of the losers" , "Non-winner in race" , "Contestant losing by a large margin" , "A contestant who loses" .)

I've seen this clue in the Evening Standard.

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