Wizard dispenses with fifty old sheep (6)

I believe the answer is:

merino

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'sheep' is the definition.
(breed of sheep)

I cannot understand how the rest of the clue works.

(Other definitions for merino that I've seen before include "Can this sheep be found in Rome?" , "Sheep with fine quality fleece" , "Fine-wool sheep" , "The sheep provides fine wool" , "Sheep with fine soft wool" .)

I've seen this clue in The Telegraph and The Sun.

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