Gossip as flier let out story about motorbike races (6-6)
I believe the answer is:
tittle-tattle
'gossip' is the definition.
(I've seen this before)
'flier let out story about motorbike races' is the wordplay.
'flier' becomes 'tit' (type of bird).
'out' is an anagram indicator (out can mean wrong or inaccurate).
'story' becomes 'tale' (synonyms).
'about' is an insertion indicator.
'motorbike races' becomes 'TT' (Isle of Man Tourist Trophy races).
'tale' going around 'tt' is 'tattle'.
'let' with letters rearranged gives 'tle'.
'tit'+'tle'+'tattle'='TITTLE-TATTLE'
'as' acts as a link.
(Other definitions for tittle-tattle that I've seen before include "Small talk" , "Idle chat - gossip" , "Trivial gossip" , "Idle chatter" .)