Missing 1948 premiership flag recovered

A missing 1948 Victorian Football League premiership flag listed for sale online has been found in a NSW home by police.

The grand final pennant was put up for sale this week on an online auction website, with bids at $80,000, police said.

The flag had been awarded to the Melbourne Football Club, which confirmed it was missing.

Police executed a search warrant on a home in Moama, in the Riverina district, on Wednesday night and found the flag.

Investigations are continuing as to how the flag came to be in NSW.