Long term solution... as mitiempo said, rip it out and replace it. At least it's not the "Mohair" crap Reinell put up there on some boats.
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)