Crossword Genius

Due to victory, go round back (5)

Ross

I believe the answer is:

owing

I'm a little stuck... Click here to teach me more about this clue!

'due to' is the definition.
(owing money)

'victory go round back' is the wordplay.
I cannot quite see how this works, but
'victory' could be 'win' (a win is a victory) and 'win' is found within the answer.
'round' could be 'o' (round can mean a round object) and 'o' is found within the answer.
A single letter 'g' remains which might be clued in a way I don't understand.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for owing that I've seen before include "Still outstanding" , "This debt has yet to be paid" , "Unsettled; on account" , "Undischarged" , "Due to, like debt" .)

I've seen this clue in The Irish Independent.
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