Officer appointed by lot at Christmas to preside over the Feast of Fools, known in Scotland as the Abbot of Unreason (4,2,7)
I believe the answer is:
lord of misrule
(Other definitions for lord of misrule that I've seen before include "chief reveller" , "Person appointed of old to be master of the Christmas revelries - drum or follies (anag)" , "Christmas party host" .)
I've seen this clue in The Independent.
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