No doubt Ferguson wants his team to make a fight of it.
In 'make a fight of it', what is 'it'?
Is this just an idiomatic expression? Or the 'it' has some meaning?
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This use of "make" is more commonly seen in collocations such as "make a mess of (something)" and "make a success of (something)". M-W defines "make" this way:
16a: to produce as a result of action, effort, or behavior with respect to something
| make a mess of the job
| tried to make a thorough job of it
It is unclear what "it" refers to in your example sentence because you did not include more context. Presumably there is some situation that Ferguson wants to result in a fight. If the team is a sports team, then "fight" probably refers to a competition and not a violent brawl, but without more context I can't be entirely sure.