VIPs ring around registered clubs (4-4)

I believe the answer is:

pooh-bahs

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'vips' is the definition.
The answer and definition can be both people as well as being plural nouns.
Perhaps you can see a link between them that I don't see?

'ring around registered clubs' is the wordplay.
'ring' becomes 'hoop' (synonyms).
'around' shows that the letters should be reversed in order.
'registered clubs' becomes 'bahs' (I am not sure about this - if you are sure you should believe this answer much more).
'hoop' written backwards gives 'pooh'.
'pooh'+'bahs'='POOH-BAHS'

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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