Pennant (4)

I think it could be either:

flag

race

'pennant' is the definition.
(I've seen this in another clue)

This is the entire clue.

(Other definitions for flag that I've seen before include "Iris; ensign" , "Rectangular piece of fabric used as a signalling device" , "Standard; tire" , "Become limp" , "Iris - paving slab" .)

I've seen this clue in the L.A. Times Daily, The Star Tribune, the LA Times, The Washington Post and the Sydney Morning Herald.

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