What brand of jerseys are they? I do a lot of Volleyball products and have found that several of the manufacturers offer their own unique fonts and that might be whats going on with this one. I am not at my home computer to give a try on my FMF but did a search on whatfontis on line and it couldn't match it either. When I can't find a match I generally let the club director know I can't find the font or in some cases it's a commercial font that is going to cost $80 if they REALLY want it and usually they just say get as close as possible and call it good. If it's just the club name and not a bunch of additional text you can hand trace it out and then use something else for the numbers and such. When I do a hand trace I find the closest font I can and turn it to outlines and then manipulate the individual letters until they match. The sloping serifs are a bit unique on that one.
You'll want to do an outline of the @ and use the outline to punch through. If you don't, there will not be a gap and it'll just look like the @ blends with the camera graphic.
If you have PRO or above you can draw a square over the parts of the jpeg you wish to cut out, select both items and hit Punch out from the Weld Tools.
Works the same for bitmaps as it does vectors:
Punch Out - Quick Lesson