Always a pleasure to stand behind you when you're relaying news, Mr Donachie, I hope we'll get you back to TitanCon some year where I can ply you with more mead and we can have more of that singing.
I'll repost this reply in any topic that appears in the Entertainment section, but while it's still here can I just say I bought the single and I enjoyed it. Folk isn't generally to my taste, so I was pleasantly surprised.
Actually folks, it's definitely a Wolverhampton Wanderers flag. The design was brought in during 1974. The chaps waving that flag in 2014 were all dressed as 19th century British Army infantry (as seen in Zulu). Apparently they dress like this every year.
You'll also frequently see a smaller "wolf's head" flag, which is the symbol the Wolves started using from 1979. The guy waving that one has been doing it since the 90's.
JacMac30 made me aware of them flying in 2014, and Targh put me on the scent. Pictures of the Wolves designs here: