Cryptic crossword clue
Those running last once regularly backed by Merry Monarch 9

The most common and most likely answer to this crossword clue is the 9 letter word ANCHORMEN

I've seen this crossword clue in The Guardian
A
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Buddy explains!

The straight part
We know that "Those running last" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case those running last = anchormen.
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 ANCHORMEN mean?

ANCHORMEN noun
  1. The main host of a television or radio program, particularly one relating to the broadcast of news.
  2. The most reliable runner in a relay team, usually the one that runs last.
  3. The person on a ship in charge of the anchor.

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