Our school missed getting into the top eight by losing a close game.
Your team was about to win the game but you decided to be frugal with your shots near the end and it resulted in failure, making it a loss of a close game. If you had just taken those shots your team probably would have won. What a regrettable defeat.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.