Missed final? Nothing replaces Arsenal's crown (4)

I believe the answer is:

lost

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'missed' is the definition.
(I know that missed can be written as lost)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for lost that I've seen before include "Mislaid or was defeated" , "Baffled" , "Forgotten; misplaced" , "Not recognising one's whereabouts" , "confused" .)

I've seen this clue in The Guardian.

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