Racing management (7)
I believe the answer is:
running
I believe this clue is a double definition.
'racing' is the first definition.
('run' can be a synonym of 'race')
'management' is the second definition.
(running is a kind of management)
(Other definitions for running that I've seen before include "In operation" , "cross-country event?" , "White City event" , "Management" , "administration" .)