Reels back, seeing Liverpool snatching victory (7)

I believe the answer is:

rewinds

'reels back' is the definition.
(to reverse film reels)

'liverpool snatching victory' is the wordplay.
'liverpool' becomes 'Reds' (nickname for Liverpool FC).
'snatching' indicates putting letters inside.
'victory' becomes 'win' (I've seen this before).
'reds' going around 'win' is 'REWINDS'.

'seeing' acts as a link.

(Another definition for rewinds that I've seen is " Spools back".)

I've seen this clue in The Telegraph.

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