Is there a way to repair torn leather armrests on an office chair?

On my old desk, the corners of the keyboard drawer were sharp and they punctured the leather armrests on my beloved executive office chair. I wrapped the armrests in black electrical tape. After a while, however, the glue came off the electrical tape, leaving the loose tape to dangle from my chair and the underside of both armrests sticky to the touch.

I rewrapped the electrical tape around the armrests and added a layer of clear shipping tape on top to keep things in place. As you can imagine, this is not an elegant solution. There has to be a better way. And before someone suggests throwing the chair out and getting a new one, I don’t have the $120 to spend on a new high-backed executive office chair.

The leather on the armrests is mostly just cracked, though both of them have 1”-2” spots where the leather is gone and the yellow foam is peeking through. Anyone have any ideas on how I can fix this myself?