Not fancied or put forward? (8)

I believe the answer is:
unbacked
'put forward?' is the definition.
Both the definition and answer are adjectives. Perhaps they are linked in a way I don't understand?
'not fancied' is the wordplay.
'not' becomes 'un' (prefix meaning 'not').
'fancied' becomes 'backed' (I can't justify this - if you can you should believe this answer much more).
'un'+'backed'='UNBACKED'
'or' acts as a link.
Can you help me to learn more?
I've seen this clue in The Times.
Want a hint initially instead of a full solution?
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