Senior member opens dojo and provides cash (5)

I believe the answer is:

doyen

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'senior member' is the definition.
(a senior or respected figure)

I cannot understand how the remainder of the clue works.

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(Other definitions for doyen that I've seen before include "Group's senior member" , "Senior member of a profession or academy" , "Greatly respected person" , "Senior person" , "Senior practitioner" .)

I've seen this clue in the Sydney Morning Herald.

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