Competitive figure in rail reorganisation (5)

I believe the answer is:

rival

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'competitive' is the definition.
(similar in meaning)

'figure in rail reorganisation' is the wordplay.
'figure' becomes 'v' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'in' means one lot of letters goes inside another.
'reorganisation' is an anagram indicator.
'rail' anagrammed gives 'rial'.
'v' going within 'rial' is 'RIVAL'.

Can you help me to learn more?

(Other definitions for rival that I've seen before include "Challenger, competitor" , "Person in direct competition" , "Contestant you hope to defeat" , "Someone you hope to defeat" , "Adversary or foe" .)

I've seen this clue in the Evening Standard.

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