Take possession of old trophy presented in Cyprus (6)
I believe the answer is:
occupy
'take possession' is the definition.
(I've seen this before)
'old trophy presented in cyprus' is the wordplay.
'old' becomes 'o' (abbreviation).
'trophy' becomes 'cup' (cup is a kind of trophy).
'presented in' means one lot of letters goes inside another.
'cyprus' becomes 'cy' (abbreviation).
'cup' put into 'cy' is 'ccupy'.
'o'+'ccupy'='OCCUPY'
'of' acts as a link.
(Other definitions for occupy that I've seen before include "'Fill a position, reside (6)'" , "Engross" , "Give cursory look over" , "Inhabit, take up space" , "Employ" .)