A Sonic Bomber or Letterman's Baseball Jacket! This thing is actually pretty cool in a retro way. Big, quality designs all over, real? leather sleeves, snaps on the front and LINED too. It even has patches on the sleeves. All designs appear to be embroidered. This is one of the rarer items in anyone's collection. Find it at high prices only...

Note the Dr. Eggman in his pod ship patch on the sleeve. It says "Professor Robotnik" as they hadn't yet decided how to switch his name and design when this was made. This was sold as an individual embroidered patch in Japan, and the same design also appears as an enameled metal pin.
This jacket was produced in the UK in 1992. The blue part is made of wool.

The above right photo shows a close up of the patches, and the elusive paper tag that hung on the collar when it was new. The tag is checkered black/gray and says "Baseball Jacket" on the edges, confirming the proper title for the item.
Below, you can see what it looks like when worn.

Photos provided by JoeMD

This wasn't just a UK item. An identical jacket was given to Sega employees in the USA while promoting Sonic 2. Info provided by: JoeMD