Pennant (4)

I think it could be either:

flag

race

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

This is all the 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 Washington Post, the Sydney Morning Herald, The Star Tribune, the LA Times and the L.A. Times Daily.

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