Cryptic crossword clue
One holding a blade in fight with rugby player 7

The most common and most likely answer to this crossword clue is the 7 letter word ROWLOCK

I've seen this crossword clue in Financial Times
R
O
W
L
O
C
K

Buddy explains!

The straight part
We know that "One holding a blade" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one holding a blade = rowlock.
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 ROWLOCK mean?

ROWLOCK noun
  1. A pivot attached to the gunwale (outrigger in a sport boat) of a boat that supports and guides an oar, and provides a fulcrum for rowing; an oarlock (mostly US).

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