The German times race (5)
I believe the answer is:
derby
'race' is the definition.
(I've seen this before)
'the german times' is the wordplay.
'the german' becomes 'der' ('the' in German).
'times' becomes 'by' (both can mean 'multiplied by').
'der'+'by'='DERBY'
(Other definitions for derby that I've seen before include "Match between neighbouring teams" , "Type of hat" , "China" , "English city" , "Epsom horse-race" .)