Majestic Wendy and Lisa finally embraced by short returning aristocrat (5)

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

Y A (last or ‘final’ letters of Wendy and Lisa) in or ’embraced by’ a reversal (‘returning’) of LOR d (aristocrat) missing the last letter or ‘short’. Wendy Melvoin (guitar) and Lisa Coleman (keyboards) were members of The Revolution – Prince perhaps liked to think of himself as ‘royal’