Bleach has been hit or miss for me depending on the age of the pennant. I experimented with a beat, white mid-70's Redskins pennant and it pretty much destroyed it without whitening it at all. Some older pennants have come out fantastic. All depends on the material....and I would avoid bleaching pre-1965 pennants with red paint.
The pennant pictured is modern enough that I don't think the red will be an issue. It would be more an issue of how the material responds to the bleach.
Let's see the after shot.
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