University entertained by prince in drag (4)
I believe the answer is:
haul
'drag' is the definition.
('haul' can be a synonym of 'drag')
'university entertained by prince' is the wordplay.
'university' becomes 'u'.
'entertained by' is an insertion indicator (I've seen this in other clues).
'prince' becomes 'hal' (I've seen this before).
'u' put into 'hal' is 'HAUL'.
'in' acts as a link.
(Other definitions for haul that I've seen before include "Lug -- proceeds of robbery" , "Quantity stolen in a robbery" , "Pull or drag forcibly" , "Pull along behind" , "Drag, heave" .)