Unfashionable frequently, hot European managing when no longer in contention (3,2,3,7)
I believe the answer is:
out of the running
'no longer in contention' is the definition.
(I've seen this in another clue)
'unfashionable frequently hot european managing' is the wordplay.
'unfashionable' becomes 'out' (synonyms).
'frequently' becomes 'oft' (oft can mean frequently, eg oft-quoted).
'hot' becomes 'h' (abbreviation eg on taps).
'european' becomes 'E' (abbreviation e.g. EU).
'managing' becomes 'running' (running is a kind of managing).
'out'+'oft'+'h'+'e'+'running'='OUT OF THE RUNNING'
'when' acts as a link.
(Other definitions for out of the running that I've seen before include "Without a fair chance of success" , "no longer in control" , "Unable to use tracks" , "No longer managing" , "No longer in contention" .)