No sport for a sparkling performance? (4,6)

I believe the answer is:

flat racing

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'no' is the definition.
Both the answer and definition are singular nouns.
Maybe you can see an association between them that I don't see?

'sport for a sparkling performance?' is the wordplay.
'sport' becomes 'racing' (racing is a kind of sport).
'for' is a charade indicator (letters next to each other) (I've seen this in other clues).
'a sparkling performance?' becomes 'flat' (I am not sure about this - if you are sure you should believe this answer much more).
'racing' put after 'flat' is 'FLAT RACING'.

Can you help me to learn more?

(Another definition for flat racing that I've seen is " sport".)

I've seen this clue in The Irish Independent.

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