What does the cryptic crossword clue "Festival owned by knight (7)" mean?

The definition is "knight". The wordplay uses a charade (building blocks). GALA (synonym of "Festival") + HAD (synonym of "owned"); definition: "knight" The answer is GALAHAD.

Festival owned by knight (7)

Guardian Cryptic #22483 | 23 Across | 2002-04-02 flower

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