Gary- I might try a bleach pen on that spot, depending on how valuable/near and dear the pennant is. Just to get it to the same shade of aged white as the rest of the pennant. I don't think I've ever tried a bleach pen or spot remover on a pennant, so maybe it would not work. Given all of the red on the pennant, seems like a soak is too risky. But, honestly, for a white pennant it doesn't look all that bad. I'd probably just leave it alone.
I was just killing a few minutes and noticed this modern/repo pennant (with the 1962 info listed) in the ebay sold items for $180.
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