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22ac Admitting knight in the Red Guards (6 letters)

This what I have: O?N?N?

I can only see owning, as in owning-up, for admitting but I cannot understand the construction of that answer if it is indeed correct. I have no idea about the relevance of the Red Guards as there is more than one outfit under that name.

Can someone parse it for me please?

Owing = In the red, in debt and add an N for knight.

'N' is the accepted' abbreviation for "Knight"
owing - in the red

PS Owning means Admitting - it doesn't need to be Owning Up.

Many thanks for the replies to my problem. I understood the chess abbreviation but the 'in the Red' for owing just failed to click? the 'Guards' part is neat - I like that.

I just assumed you knew N = Knight, glad I was right about that! Yes, I thought the clue was cleverly worded.

Well, I have learnt something today. That N stands for knight.

The N for knight is in Chambers, Brad. It's used a lot in crosswords.