It probably is a mask issue. Which isn't exactly as described, but it's pretty close.
The mask is the plate sized negative, often a composite of several smaller ones that is used to make the plate.
For yellow letters they would have simply had the yellow print area be round. then have the blue with the team name unprinted go over that.
They probably had several team name negatives and just inserted the right ones. If they used one intended for the blue plate on the yellow plate mask, it would have unprinted areas in both for the team name, and white letters.
It's not missing yellow, if it was the team name circle would be blue.
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