Here are three images of pennants from the Cuban Athletic Club (CAC), the University of Havana, and the Vedado Tennis Club. The first two are from the letterhead of correspondence between the CAC and University of Havana and US colleges and universities. The last image is from a bond issued by the Vedado Tennis Club.
Up to the 1920s, the Cuban Athletic Club played the most games against North American teams. Similar to several US football teams, the CAC emulated Princeton University's football team by adopting orange and black as the team colors and "Tigers" as a mascot.
The University of Havana "Caribes" selected red and white.
The Vedado Tennis Club "Marquises" chose blue and white.