The most common and most likely answer to this crossword clue is the 14 letter word POINT-TO-POINT
P
O
I
N
T
-
T
O
-
P
O
I
N
T
Buddy explains!

The straight part
We know that "steeplechase" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case steeplechase = point-to-point.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 POINT-TO-POINT mean?
POINT-TO-POINT noun- A kind of horse race for hunting horses and amateur riders.
- Travelling directly from source to destination, without passing through a hub.
- Employing a simple network topology with a dedicated link between two endpoints.
- Being or relating to a method of manually constructing electronic circuits, prior to automation and PCBs, where components were individually mounted on the chassis prior to soldering.