The most common and most likely answer to this crossword clue is the 4 plus 4 plus 5 letter word GOOD LUCK CHARM
I've seen this crossword clue in The Daily Telegraph
G
O
O
D
L
U
C
K
C
H
A
R
M
More clues leading to the result GOOD LUCK CHARM
Buddy explains!
The straight part
We know that "Mascot" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case mascot = good luck charm.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.