It would be about them not winning
True a gerund can be the object of a preposition
Nectar in a Sieve is a 1954 novel written by Indian writer Kamala Markandaya. It is a story between Rukmani, the lead character and her marriage to Nathan. The novel is narrated from the first-person point of view by the protagonist of the novel. The novel is a chronicle told by Rukmani. She is old now and recalls what kind of difficulties she and her children endured, how her husband lost his life amidst hunger and illness. Rukmani also knows how to read and write and she passed these traits to her children.
According to this summary, we cannot draw the first conclusion from the novel. The correct answer is the first option.
