What does the cryptic crossword clue "Equestrian affair venerated, they fancy (5-3,5)" mean?

The definition is "Equestrian affair". The wordplay uses an anagram. anagram of VENERATED, + THEY = THREE-DAY EVENT; definition: "Equestrian affair" The answer is Three-day event.

Equestrian affair venerated, they fancy (5-3,5)

Telegraph Prize Cryptic #3028 | 9 Down | 2019-11-03 flower

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