Simplest fix for this Saturn controller?

[Razzie.P]

I have a Saturn gamepad that works 100% and cosmetically great, except for the cable issue shown in the photos.   What's the simplest way to fix this, in your experience?  To use shrink tubing, I think I'd have to completely cut it to allow the tubing to slide over, so don't wanna do all that.   Is there a cable repair product that you'd recommend that just wraps around and can then shrink, or something similar?

 

Exploring options before I wrap it in plain ol' black electrical tape.