The most common and most likely answer to this crossword clue is the 7 letter word SHOTPUT
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Buddy explains!

The straight part
We know that "Olympic event" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case olympic event = shotput.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SHOTPUT mean?
SHOTPUT noun- An athletics event where a competitor must hurl a heavy metal orb as far as possible. Because of the weight of the ball this is done with a pushing motion rather than a throwing motion.
- A trial of shot put.
- A ball used to perform the action of shot put.