I'd bet that the belt is also pretty well rotted by now. Replacement may be hard to find. I used to get belts from Needle Doctor in Minneapolis but as of a few years ago, they had nothing that would fit. Correct length but too narrow, and it would wander on the pulley causing speed variations. They did take back 2 belts, open package, full refund, no problems, and basically said they didn't have anything else to try. I finally found a proper belt from an on line source. Similar issue with a replacement stylus for an ADC XLM Type II Improved. Finally found that on eBay.
These issues prompted me to start playing records into the computer, recording on Apple Garage Band, doing some editing and clean up, exporting to iTunes, creating playlists corresponding to CDs. Burned approximately 75 CDs in the last 3 years. Still have the turntable and a few records, but I'm essentially out of the record playing business going forward.