Person loved by king — he dishes out the lolly! (9)
I believe the answer is:
treasurer
'person' is the definition.
(treasurer is a kind of person)
'loved by king he dishes out the lolly' is the wordplay.
I cannot quite see how this works, but
'king' could be 'er' (I've seen this in other clues) and 'er' is found in the answer.
This may be the basis of clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for treasurer that I've seen before include "Council official" , "One who highly prizes" , "Financial officer" , "one safeguarding funds" , "One of main officers of a society" .)