Once there was this girl who

Swore that one day she would be a figure skating champion

And when she finally made it

She saw some other girl who was better

And so she hired some guy to

Club her in the kneeeeee caaaaaaap

https://en.m.wikipedia.org/wiki/Assault_of_Nancy_Kerrigan

The colored top is Tanya Harding, and the white leotard is Nancy Kerrigan. They were both Olympic-level ice skaters back in the early 90’s. The media had portrayed them as bitter rivals, because they were both pushing for the top spot. Kerrigan was the favorite to win. To make a modern reference, they were akin to Simone Biles in terms of popularity.

Harding and her family coordinated an attack on Kerrigan, to knock her out of the running and secure Harding’s place on top. They caught Kerrigan backstage, and beat her legs with a pipe to ensure she wouldn’t be able to compete. This happened in the ice skating arena during a competition, so Kerrigan was quickly found. The resulting footage of Kerrigan screaming and crying on the side of the skating rink with visibly beaten legs shocked the country.

This was a photo taken just before the attack, with Harding looking at Kerrigan with contempt, in anticipation of the attack. The meme is joking that the democrat party is going to try and kneecap Joe Biden.

Don't remember their names but the one in white was the best skater and the one in colors (second best) had someone break her leg so she could be first.

I think there is this Academy Award nominated documentary called "I, Tonya" (or "It's Hardin' Time") that you can buy to find out what happened.

Although, I have to say, she looks better in the film than in this photo for some reason.