What does the cryptic crossword clue "Exercises old Turkish ruler before a horsey event (8)" mean?

The definition is "horsey event". The wordplay uses a charade (building blocks). GYM (synonym="Exercises") + KHAN (synonym="ruler") + A (abbreviation="a") = GYMKHANA; definition: "horsey event" The answer is GYMKHANA.

Exercises old Turkish ruler before a horsey event (8)

Times Cryptic #29149 | 5 Across | 2025-02-10 flower

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