Disclaimer: This will probably only work for the felt lettering on officially license EPL shirts. If the lettering is screen printed (ie practically flush with the fabric) it probably won’t work and it serves you right for being a cheapskate.
It’s pretty simple, but you’ll need a few things.
Ok, now the process:
Eventually you’ll have all the letters off but there will still be some glue residue. What I did to minimize the amount of residue left on the shirt was to fold a few sheets of paper towel and use the iron over that where the letters used to be. My logic is that the heat will melt the glue a bit and the paper towel should soak the glue up.
There will probably always be a slight shadow left from the name. It is possible to burn the glue as well if you’re not careful with how hot you let it get. Don’t do this.
Finally it should end up looking like this:
You can probably make out a bit of the lettering still, but it’s better than still having the name of a jerkface poop butt on the back of your beloved team’s shirt.
Further Disclaimer: If you’re doing this to a Tottenham shirt you should probably just burn the whole thing and start supporting a proper club.
Addendum: Some googling has helped me discover that soaking the area with diluted white vinegar then laundering (no dryer) can be used to dissolve the glue residue. I haven’t tried it myself yet, but sounds promising.