A lot of the time the elastic will be serged to the edge of the fabric then rolled to the inside and then stitched again. If this is the case and you don't mind shortening the sleeves of the jersey a bit, you can simply trim off the elastic and re-hem the sleeve. Using a home sewing machine, you should be sure to use a polyester thread and either loosen your stitch tension a tad or use a very narrow zigzag stitch so that the material can still stretch. I'd have to look at the actual jersey to know the elastic attachment method used by the manufacturer.

If you were local I'd offer to do it for you!