Model-type excited harlot in racy event (9)

I believe the answer is:

triathlon

I'm a little stuck... Click here to teach me more about this clue!

'racy event' is the definition.
'triathlon' can be an answer for 'event' (sporting event). I am not sure about the 'racy' bit.

'model-type excited harlot in' is the wordplay.
'model type' becomes 't' (I can't explain this - if you can you should believe this answer much more).
'excited' is an anagram indicator.
'harlot'+'in'='harlotin'
'harlotin' anagrammed gives 'riathlon'.
't'+'riathlon'='TRIATHLON'

Can you help me to learn more?

(Other definitions for triathlon that I've seen before include "Swimming/cycling/running event" , "Triple athletic event" , "Athletics event" , "sporting challenge" , "sports event" .)

I've seen this clue in The Independent.

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