[bocca001]

Yes, the suede mat holds the pennant in place.

There are a number of framed pennants in the current Hunt auction. Some are clearly attached to the backing with some kind of thread. See the attached pic (to the right of the 1924). It seems like that method doesn't hold things in place all that well, leads to some puckering, and also could damage the pennant. I'm not sure what the other options are (tape?).