Spirit, yes, but not much of a chance! (5)

I believe the answer is:

ghost

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'spirit' is the definition.
(spirit can mean a ghost)

I don't understand how the rest of the clue works.

(Other definitions for ghost that I've seen before include "Spirit, spectre" , "who has a haunting act?" , "give it up" , "Supernatural apparition" , "Writer who gives the credit of authorship to someone else" .)

I've seen this clue in the Evening Standard.

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