I used to have one of these that I think I picked up at a 5K as a freebie from Reebok, but I lost it and can't seem to find a replacement or anything similar.
-A scrap (<0 .125=".125" cloth="cloth" duck="duck" nylon="nylon" of="of" something="something" sport="sport" sturdy="sturdy" yds="yds">0>
-Velcro aka Hook and Loop closure in generic brand
-Twill tape/grosgrain ribbon/bias tape
I made a pattern! Please excuse the roughness of it as I am neither an artist nor a seamstress. Everything I know about sewing is pretty much based off of my middle school home economics experience.
Download from Flickr and print! I believe it's the Large 1024 size that gives the right pattern size as long as you don't fit/scale it to the page when you print. Cut on the outside of the thick black line (pattern piece on the left).
1) Cut out 2 pieces from your fabric. You will only work with one of the pieces until step 5.
2) Make a self fabric tube, about 1.5 times the length of the middle portion of the pattern piece. Fold a strip of fabric in half and sewing up one edge and turning inside out, placing the seam in the middle of one side, then hem the short edges of the tube by folding over twice. Sew a rectangle of Velcro onto one end of the tube as long as the top piece of the pattern plus an extra 1/2-1 inch. Stitch on in box shape as shown.
3) Sew on the other side of the Velcro on the top edge and bottom edge as shown.
4) Sew on the other end of your fabric tube (opposite end of the Velcro end) to the box indicated at the bottom fold. Wrong side of tube (side with seam) should be facing right side of piece.
5) Now, sew together 2 pieces of pattern wrong sides together.
6) Take your twill tape and bind very bottom edge (thick edge in drawing) to enclose raw edges.
7) Fold up at bottom fold and add binding to all edges.
Hopefully those instructions are fairly clear! Please post a picture if you make one :)
To use:Unlatch Velcro and feed self fabric tube through laces of shoe. Velcro to top flap, insert keys/money and latch Velcro to bottom flap. Go run :)