Withdraw favourites experiencing setback and at a disadvantage (4,4)

I believe the answer is:

step down

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'withdraw' is the definition.
(I know that withdraw is a more specific form of the action retire)

I don't understand the rest of the clue.

Can you help me to learn more?

(Other definitions for step down that I've seen before include "decrease in output" , "Give up office" , "Resign from office" , "Leave office" , "Withdraw from" .)

I've seen this clue in The Independent.

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