The most common and most likely answer to this crossword clue is the 6 plus 7 letter word SECRET HISTORY
I've seen this crossword clue in The Times
S
E
C
R
E
T
H
I
S
T
O
R
Y
Buddy explains!
The straight part
We know that "Unlikely version of events" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case unlikely version of events = secret history.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.