The most common and most likely answer to this crossword clue is the 7 letter word TROTSKY
I've seen this crossword clue in The Guardian
T
R
O
T
S
K
Y
More clues leading to the result TROTSKY
- Revolutionary to run broadcasting company
- Revolutionary is wrong to back heaven
- Wrong coming up with blue for red
- Commie sounds disapproving stuck in besieged city
- Communist city of old stifling sound of disapproval
- Leftist who’s gently run media empire
- Communist cobblers in extremely tremulous state
- Red Bull racing team going after time
- Revolutionary’s beginning to tackle corruption, by Heaven!
- Communist gets to run? Heavens!
Buddy explains!

The straight part
We know that "red" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case red = trotsky.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.