Bo-Lo was the brand name used by Cheerio for their paddleball line. The similarity to some of the Cheerio Yo-Yo patches from the era is very apparent. Much of the detailing is also exactly like some of the Cheerio yo-yo patches. A thick felt backing with embroidered borders, designs, and lettering.
Shown here is a Champion paddleball patch with embroidered lettering and borders. An award for paddleball competitions.
