Organises the races for dogs - the classy favourites (7'1,4) (8,4)

I believe the answer is:

teachers pets

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'classy favourites 7'14' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'organises the races for dogs' is the wordplay.
'organises' indicates anagramming the letters (I've seen 'organized' mean this).
'for dogs' becomes 'pets' (I am not sure about this - if you are sure you should believe this answer much more).
'the'+'races'='theraces'
'theraces' with letters rearranged gives 'teachers'.
'teachers'+'pets'='TEACHERS PETS'

'the' acts as a link.

Can you help me to learn more?

I've seen this clue in The Irish Times.

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