Madrid team accepting fresh makeover (7)
I believe the answer is:
renewal
'makeover' is the definition.
(both can mean an improvement or re-design)
'madrid team accepting fresh' is the wordplay.
'madrid team' becomes 'Real' (Real Madrid football club).
'accepting' indicates putting letters inside.
'fresh' becomes 'new' (synonyms).
'real' going around 'new' is 'RENEWAL'.
(Other definitions for renewal that I've seen before include "Regeneration" , "extension of loan period" , "Repair" , "Resurrection" , "Reinvigoration" .)