First, you will need to add some scoreboards to the game:

/scoreboard objectives add m (for minutes)

/scoreboard objectives add ms (for miliseconds)
/scoreboard objectives add s (for seconds)
/scoreboard objectives add start (for starting the timer)
/scoreboard objectives add stop (for stopping the timer)

1ST ROW
Repeating command block – unconditional – needs redstone
/scoreboard players enable @a stop
Chain command blocks – unconditional – always active
/execute at @a[scores={stop=1}] run setblock -60 4 -133 minecraft:air

/execute at @a[scores={stop=1}] run setblock -60 4 -135 minecraft:air

/execute at @a[scores={stop=1}] run scoreboard players set FyrHunter_SVK ms 0

/execute at @a[scores={stop=1}] run scoreboard players set FyrHunter_SVK s 0

/execute at @a[scores={stop=1}] run scoreboard players set FyrHunter_SVK m 0

/execute at @a[scores={stop=1}] run scoreboard players set @a stop 0

2ND ROW
Repeating command block – unconditional – needs redstone
/scoreboard players enable @a start
Chain command blocks – unconditional – always active
/execute at @a[scores={start=1}] run setblock -60 4 -133 minecraft:redstone_block

/execute at @a[scores={start=1}] run setblock -60 4 -135 minecraft:redstone_block

/scoreboard players set @a start 0

3RD ROW
Repeating command block – unconditional – needs redstone
/title @a actionbar [{"score":{"name":"FyrHunter_SVK","objective":"m"},"color":"green"},
{"text":":","color":"green"},{"score":{"name":"FyrHunter_SVK","objective":"s"},"color":"green"},
{"text":",","color":"green"},{"score":{"name":"FyrHunter_SVK","objective":"ms"},"color":"green"}]

4TH ROW
Repeating command block – unconditional – needs redstone
/scoreboard players add FyrHunter_SVK ms 5
Chain command blocks – unconditional – always active
/execute at @a[scores={ms=100..}] run scoreboard players add FyrHunter_SVK s 1
/execute at @a[scores={ms=100..}] run scoreboard players remove FyrHunter_SVK ms 100

/execute at @a[scores={s=60..}] run scoreboard players add FyrHunter_SVK m 1

/execute at @a[scores={s=60..}] run scoreboard players remove FyrHunter_SVK s 60

COUNTDOWN with MBAR resource pack

/playsound minecraft:count master @a ~ ~ ~ 6

/title @a title {"text":"5","bold":true,"color":"red"}

/title @a title {"text":"4","bold":true,"color":"red"}
/title @a title {"text":"3","bold":true,"color":"yellow"}
/title @a title {"text":"2","bold":true,"color":"yellow"}
/title @a title {"text":"1","bold":true,"color":"green"}
/title @a title {"text":"GO","bold":true,"color":"green"}

SCOREBOARD RESET (TIMER RESET)

/scoreboard players set FyrHunter_SVK stop 1

If you want to stop it manually, write /trigger stop and if you want to start it, write /trigger start

TELLRAW for intermediate time and finish line

/execute run tellraw @a [{"selector":"@p","color":"aqua"},{"text":" 1st intermediate time:
","color":"yellow"},{"score":{"name":"FyrHunter_SVK","objective":"m"},"color":"aqua"},
{"text":":","color":"yellow"},{"score":{"name":"FyrHunter_SVK","objective":"s"},"color":"aqua"},
{"text":",","color":"yellow"},{"score":{"name":"FyrHunter_SVK","objective":"ms"},"color":"aqua"}]

/execute run tellraw @a [{"selector":"@p","color":"aqua"},{"text":" finished the course in

","color":"yellow"},{"score":{"name":"FyrHunter_SVK","objective":"m"},"color":"aqua"},
{"text":":","color":"yellow"},{"score":{"name":"FyrHunter_SVK","objective":"s"},"color":"aqua"},
{"text":",","color":"yellow"},{"score":{"name":"FyrHunter_SVK","objective":"ms"},"color":"aqua"}]