Disgracefully holding competition (4)
I believe the answer is:
race
'competition' is the definition.
(race is a kind of competition)
'disgracefully holding' is the wordplay.
'holding' says the answer is hidden in the clue.
'RACE' is hidden within 'disgracefully'.
(Other definitions for race that I've seen before include "Run fast" , "Run swiftly" , "Rush" , "People; run" , "Running contest" .)