Chandler, oddly, holds good sponge (5)
I believe the answer is:
cadge
'sponge' is the definition.
(I know that sponge can be written as cadge)
'chandler oddly holds good' is the wordplay.
'oddly' means one should take alternating letters (letters in the odd-numbered positions are used).
'holds' indicates putting letters inside.
'good' becomes 'g' (abbreviation).
The alternating letters of 'chandler' are 'cade'.
'cade' enclosing 'g' is 'CADGE'.
(Other definitions for cadge that I've seen before include "beg" , "get free" , "Scrouge, ask for" , "freeload" , "Get by begging" .)