The most common and most likely answer to this crossword clue is the 3 plus 4 plus 2 letter word TAE KWON DO
I've seen this crossword clue in Financial Times
T
A
E
K
W
O
N
D
O
More clues leading to the result TAE KWON DO
- Take down unstable ring for sport
- Martial activity destroys a Kent wood
- Weak do not train for this Olympic event
- In adulthood now, Keats rejected combat
- Kate amazingly triumphed over cheat in martial art
- Restless and woke to fighting
- A little reading up of Hood, now Keats, a show of open-handedness and high kicks?
- Trained at kendo fencing wife — old martial art
- Noted a wok used for Asian ritual
- Take faulty present back then study martial art
Buddy explains!

The straight part
We know that "this Olympic event" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case this olympic event = tae kwon do.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.