The most common and most likely answer to this crossword clue is the 7 letter word REGATTA
I've seen this crossword clue in The Daily Telegraph
R
E
G
A
T
T
A
More clues leading to the result REGATTA
- Diminutive man on wagon welcomed to AA meeting
- Regimental leader, say, at army's sporting event
- Great fried sandwiches at hearty get-together?
- At sea tear around strait in ____?
- Meet with sailors, for example, at rear of port, welcomed by Rear Admiral
- Swimming at great event on the water
- Farm labourer, lacking company, upset over a sports event
- Race meeting producing great reverberating cheers
- Building a target for event held on water
- Little man on wagon entering AA meeting
Buddy explains!

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 REGATTA mean?
REGATTA noun- A series of boat races, or sometimes a single race.
- A striped cotton fabric.