Those in authority raised prize money (3,5)
I believe the answer is:
top brass
'those in authority' is the definition.
(I've seen this before)
'raised prize money' is the wordplay.
'raised' is a reversal indicator.
'prize' becomes 'pot' (I've seen this in other clues).
'money' becomes 'brass' (I've seen this before**).
'pot' written backwards gives 'top'.
'top'+'brass'='TOP BRASS'
(Other definitions for top brass that I've seen before include "VIPs" , "Leadership" , "Those of high military rank" , "Most important leaders, officers, etc" , "Authorities" .)