Rival of Reading close to losing final, playing Inter (11)

I believe the answer is:

glastonbury

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'rival of reading close' is the definition.
The definition suggests a singular noun which matches the answer.

'to losing final playing inter' is the wordplay.
'to losing' becomes 'g' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'final' becomes 'last' (synonyms).
'playing' becomes 'on' (on can mean playing or performing).
'inter' becomes 'bury' (synonyms).
'g'+'last'+'on'+'bury'='GLASTONBURY'

Can you help me to learn more?

(Other definitions for glastonbury that I've seen before include "where pop festival's held" , "Festival venue in Somerset" , "Somerset music festival" , "festival site" , "Somerset pop festival" .)

I've seen this clue in The Times.

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