It is very, very well made and a lot better than the original. I still think that you should do one for my team, Estoril, because with you I believe that you only improve crests, and the Estoril current crest is pretty good! So I would love to see what the changes are that you could make to improve it.
P.s. How do you manage to make the stitching look real?

@FH Logo Designs is that a challenge ? :-) (Estoril)

I like it! For sure far better than the one they current have.
Personally I'd try how it looks swapping red and blue,with blue as outline and red inside; so it would be also closer to the logo had during their golden period in Soviet era (this one:
http://upload.wikimedia.org/wikipedia/en/thumb/4/4c/Ararat_old_logo.svg/304px-Ararat_old_logo.svg.png

shining, one of your best work.