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The correct pronunciation is (VELL).
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The owners of Velodyne speakers whom I know (including myself) :>) who use an affectionate nickname for them say "Velo" ("vell-oh" -- rhymes with "fellow"), not "VELL". Seems that Velo just rolls off the tongue more easily than VELL. But then I guess some people also say the harder-to-pronounce "Vee Dubb" instead of "Vee Dubyah" for the Americanized "VW" (Volkswagen).
Whatever you call them, the powerful bike racers (Velodynes) are great speakers. (Interesting how the official name came about.)