Takeover involving island girl taking time in race (15)
I believe the answer is:
nationalisation
'takeover' is the definition.
(a government taking something over)
'island girl taking time in race' is the wordplay.
I cannot quite see how this works, but
'island' could be 'iona' (Scottish island) and 'iona' is found within the answer.
'girl' could be 'lisa' and 'lisa' is present in the answer.
'taking' could be 'on' (eg one taking drugs is 'on' drugs) and 'on' is found in the answer.
'time' could be 't' (abbreviation) and 't' is found within the answer.
This may be the basis of the clue (or it may be nonsense).
'involving' acts as a link.
(Another definition for nationalisation that I've seen is " State control".)