You are looking at the listing as titled above:

KENTUCKY DERBY PENNANT Churchill Downs, Louisville, May 6, 1989 (VINTAGE SPORTS)

You will be receiving the exact pennant as pictured:

So please examine all the photos provided, as they will be acting as your overall description.

Pennant does show its age/wear & tear considerably; staining, creasing, as well as tack holes.

Measures approximately 30 in.