I think there are two options...
I think it would depend on whether or not it's just the ring, or if there is a tear in the sail from where the ring used to be out to the edge of the sail. If it's just a busted ring, have a sailmaker attach a new one and carry on. If it's ripped out, I think I'd just opt to get a new sail- The sail you have is worn out to somewhere near the end of its useful life if major and critical pieces are coming off!-Jon BastienH23/H25