A reasonably strong repair could be made by joining the leather either side of that small horizontal cut between the two little stress relief punched holes at the top of the two large vertical cuts. For someone without a bunch of leather working gear, Use the smallest drill bit you can find to drill holes above and under that little cut, from left of the left vertical slot to right of the right vertical slot. About 4mm above and 4mm below that line. Then using a very large sewing needle and some canvas repair thread, sew the top to the bottom. Use a pair of needle nose pliers to push the needle through your pre drilled holes.
Then at least you will get some warning that its going to fail. The way it looks right now, a few times being caught by supplejack and it could tear right off and be lost.
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