Admitting one's proprietorship? (6)

I believe the answer is:

owning

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'admitting' is the definition.
(I've seen this before)

I don't understand how the rest of the clue works.

(Other definitions for owning that I've seen before include "In legal possession of" , "Admitting" , "Possesing" , "Possessing" , "Conceding - possession" .)

I've seen this clue in the Evening Standard.

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