In boxing, the second (assistant) of someone who is losing can admit defeat by throwing a towel (or sponge) into the ring.
e.g. “Nasukawa was floored three times in the space of two minutes, leaving him in tears, and his team had no choice but to throw in the towel.”
This phrase has been extended to other situations where someone admits defeat or discontinues a project.
e.g. “While the determination of Mrs May makes this scenario seem unlikely, it is possible that with continuing criticism from her own party, and perhaps more resignations in the offing, the PM could throw in the towel.”
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