Sportsman regarded as favourite (4-4)
I believe the answer is:
blue-eyed
'favourite' is the definition.
(I've seen this before)
'sportsman regarded' is the wordplay.
'sportsman' becomes 'blue' (I've seen this before).
'regarded' becomes 'eyed' (I've seen this in another clue).
'blue'+'eyed'='BLUE-EYED'
'as' acts as a link.
(Other definitions for blue-eyed that I've seen before include "Such a boy is favourite" , "Specially favoured, probably blond" .)